Singapore-based provider of energy solutions Canopy Power has raised an undisclosed sum Series A financing round from three new investors – CMR Group, Gaia Impact Fund and PHPOWER’s founders – and existing investor Golden Elm Investments, according to an official release.
The funds raised will be used for customer acquisition and expansion into new markets in South East Asia and the Pacific and for R&D purposes.
Canopy Power designs, builds and finances optimized renewable energy microgrid solutions which enable businesses and communities who are dependent on diesel power generation and weak grids to achieve substantial cost savings through reduced diesel fuel consumption while reducing pollution and CO2 emissions.
“This fundraising round has ensured that Canopy Power will continue strongly on the growth path,” said Sujay Malve, Canopy Power ‘s Founder and CEO. “The microgrids market in Asia is just opening up and we believe Canopy Power is at the forefront of this curve. We believe that strong synergies with our investors will help us to bring innovative solutions to our customers.”
“Gaia Impact Fund believes that solar mini-grids can drastically reduce CO2 emissions in insular areas and have a strong social impact on the surrounding communities. We will bring on board our entrepreneurial expertise in the C&I energy sector, particularly to support customers project financing,” said Hélène Demaegdt, Co-founder and Partner at Gaia Impact Fund.
Meanwhile, Rohan Singh, Managing Partner of Finergreen, financial advisor of the Canopy Power in this round said given the specific nature of the South East Asian archipelago, minigrids have already been proven to be a commercially viable solution for various communities scattered across the region.
“This successful funding is also a testament to the investor appetite for clean energy companies with a strong social impact,” he added.
Gaia Impact Fund is a French impact fund initiated by a team of seasoned entrepreneurs and philanthropists from the renewable energy & impact finance sectors with the aim of kickstarting innovative energy access ventures where energy is needed the most: among off-grid populations in emerging countries.
Based in Marseille, France, CMR Group designs, manufactures and delivers innovative products and tailored engineering solutions, from smart engine sensors & connectivity to advanced monitoring and automation systems dedicated to energy, industry and marine.
Finergreen Asia advised Canopy Power on the Series A financing round.