Climate-Smart Deeptech Company Ecozen Raises $25 Mn, Led by Nuveen
Ecozen has raised $25 million of combined equity and debt capital.
January 25, 2023. By News Bureau
The debt portion was provided by Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank and Axis Bank.
Headquartered in Pune, India, Ecozen was founded by three IIT Kharagpur alumni, Devendra Gupta, Prateek Singhal and Vivek Pandey. Ecozen develops climate-smart deeptech solutions for motor controls, IoT, and energy storage.
Applying these technology stacks to the agricultural sector, Ecozen has revolutionised cold chains (through its Ecofrost product line) and the irrigation industry (through its Ecotron product line), improving the incomes of 120,000+ farmers and helping decarbonize agriculture.
The company has helped generate over 1 billion units of clean energy (kWh), saved over 20,000 metric tons of food loss and reduced over 1 million tons of GHG emissions.
“We are thrilled to successfully close this round and are excited to bring Nuveen, India Exim Bank, as well as other new investors, on board,” said Devendra Gupta, CEO and Co-Founder at Ecozen. “As we expand beyond India and agriculture, we will continue to focus on profitable growth and sustainable technology solutions. Ecozen will aggressively expand production capacity and product range.”
“Nuveen seeks out companies that mitigate climate change, build resilience to its impacts, and provide high quality, affordable products and services to the low-income consumer segment,” said Rekha Unnithan, Managing Director and Co-Head of Private Equity Impact Investing at Nuveen. “Ecozen has built products that do all three simultaneously - replacing diesel water pumps and fossil-fuel dependent coolers, improving drought resiliency for smallholder farms, and increasing farmer incomes. With Ecozen’s proven expertise in delivering climate-smart technology solutions, while maintaining profitability, together we will exponentially grow their impact globally and beyond agriculture.”
please contact: contact@energetica-india.net.
Rajesh Gupta
Founder & Director
Recyclekaro Sets New Standards for Metal Extraction Efficiency in Recycling
Kunal Girap
Co-Founder and Director
India's Renewable Energy Sector Facing Leadership Shortage
H.S. Bhatia
Managing Director
DAEWOO Re-enters Indian Market with Green Energy Focus
Rajesh Tapadia
COO
At Nxtra, We Have Been Climate Conscious Brand Right From Our Inception
A.K. Tyagi
Chairman and Managing Director
Hydrogen Enables Greater Reliability and Efficiency in Energy Systems: AK Tyagi