Feb 29: Smart Joules, an Indian energy efficiency company, has secured $8 million. The funds will be deployed towards executing the organization’s Cooling-as-a-Service (CaaS) partnerships with leading healthcare and hospitality chains, aimed at reducing energy consumption and carbon emissions.
Furthermore, the funding will accelerate Smart Joules target towards reducing 29 million tonnes of carbon emissions by 2030, it added.
The fresh capital raised will also enable Smart Joules to foray into cooling-intensive sectors like data centres, pharmaceutical manufacturing facilities, and commercial offices, a statement from the company revealed. The company plans to implement portfolio-wide partnerships across various industries, resulting in an incremental reduction of approximately 7.5 lakh tonnes of CO2 emissions. The energy firm will further help aid customers in achieving a minimum 20% reduction in energy costs through capital expenditure interventions.
Smart Joules to reduce 29 million tonnes of carbon emissions by 2030
“We are thrilled to be the first recipients of this investment and this couldn’t have come at a better moment in our journey. As a leap towards achieving our vision to reduce 29 million tonnes of carbon emissions by 2030, this investment will help us execute our robust pipeline of portfolio-wide CaaS partnerships. It will go towards saving energy, carbon emissions and costs, allowing our customers to meet their decarbonisation and profitability objectives simultaneously and starting immediately,” said Arjun Gupta, Founder and CEO, Smart Joules.
Founded in 2014, Smart Joules’ CaaS solution has been designed keeping energy efficiency at its core. “Smart Joules has proven solutions that significantly reduce energy consumption and greenhouse gas emissions from cooling of commercial buildings that are rapidly growing in numbers,” said Nitish Chawla, Senior Investment Manager at IFU. Instituted under the realms of the India Green Finance Initiative, the IFU has been focusing on investments that would drive the green transition for India and its sustainability goals.
The latest investment was raised from the Investment Fund for Developing Countries (Investeringsfonden for Udviklingslande or IFU), a Development Financial Institution owned by the Government of Denmark.
