SolarSquare, working in the field of renewable energy, received an investment of 40 million dollars

Working in the field of renewable energy SolarSquare, 40 million dollars received investment. The company’s $40 million series B investment round Lightspeed led. In the investment tour of the India-based company Lightrock, Elevation Capital, Lowercarbon, Rainmatter took place.

SolarSquare announced that it will use the new investment to expand in other cities, develop technology and improve remote management of solar energy systems.

in 2015 Shreya Mishra, Akshat Jalan, Neeraj Jain ve Nikhil Nahar The company, founded by , basically installs solar panels on homes and sites. In other words, it reduces dependence on fossil fuels by producing it with solar panels. Thus, it enables users to reduce their electricity costs in the long term. SolarSquare makes solar energy accessible to everyone, from big cities to small towns.

SolarSquare has installed solar energy systems in more than 20 thousand houses and 200 residential sites so far. With an average system cost of $1,500, the company aims to reach 500 gigawatts of renewable energy capacity in India by 2030. It plans to provide 280 gigawatts of this from solar energy.

In line with this goal, the government created a $3 billion incentive fund to increase domestic solar panel production. In addition, let us note that while only 1 percent of houses in India use solar energy, this rate is 35 percent in Australia and over 5 percent in Brazil. Therefore, the company plays an important role in increasing the use of solar energy we can say.