An innovative cleantech startup announced a funding of USD 6 million
An innovative cleantech startup announced a funding of USD 6 million
Let us talk about what cleantech is and how the industry functions. It sounds new, the word is new to the eyes and ears. Cleantech actually means clean technology and can be defined as any process, product, service that helps in the reduction of negative and false environmental impacts with the help of significant and important improvements in the efficiency of energy, the sustainable use of resources, and activities related to the protection of the environment.
The concept of clean technology uses various ranges of technology that are in some way related to recycling, renewable energy, information technology, green transportation, green chemistry, electric motors, greywater, lightning, and many more.
If clean technology is defined by a clean technology research firm, Clean Edge, it will be: “A diverse range of products, services, and processes that harness renewable materials and energy resources, dramatically reducing the use of natural resources, and cutting or eliminating emissions and waste”. Clean technology has a very positive impact and helps in improving the lives of people living in both developed and developing countries.
Now if we talk about where the concept of cleantech came from, it will be from the group of emerging technologies and industries which were based on the principle of efficiency of resources, biology, concepts of production of the second generation in the basic industries. The two major reasons why there was an interest generated in this sector during the 1990s, were, a reduction in the cost of these technologies and an understanding of the link between industrial design used in the 19th century and the early 20th century.
Moving on to how cleantech is being used in various countries of the world:
India has achieved commendable success by using clean technology, hence, somewhat achieving sustainable development. The country has, in turn, become a global clean energy powerhouse. India is on its way to achieving the Paris Agreement with a remarkable reduction in the emission of carbon.
The country which once was the third-largest emitter of greenhouse gases in the world has now developed a way to convert renewable energy with the help of Sun and wind from fossil fuels. This initiative has not only helped the country in achieving advances in technology but also has become a source of creation of around 330000 new jobs by the year 2022 and more than 24 million new jobs by the year 2030.
Africa and the Middle East have been playing an important role in the market for solar electricity. The countries in the Middle East are using natural resources like oil and gas to create solar electricity. The energy ministers from 14 Arab countries have signed a Memorandum of Understanding for an Arab Common Market for electricity in order to promote renewable energy practices.
Germany is one of the leaders in renewable energy in the world. The country has the aim to set the usage of renewable energy at 80% by the year 2050, which, by the year 2020, was 47%. The country is also making investments in renewable energy from offshore wind and is expecting that its investment will result in one-third of the total wind energy of the country, Germany.
This initiative also has a major impact on the transportation sector of the country which is responsible for 17 percent of the emissions. Even the famous car companies of the country like Mercedez Benz, BMW, Volkswagen, Audi, are not engaged in providing new electric cars in order to help Germany reach its energy transition movement.
Let us now talk about the funding of the cleantech startup that has taken place.
Announcement of funding of cleantech startup
The cleantech startup, EdgeGrid has raised funds worth USD 6 million, as announced on March 29, 2022. The round of funding that has taken place was led by Light rock India. The other investors who took part in this round of funding were some of the angel investors and Theia Ventures.
The startup plans to use the funds raised, in strengthening its technology. The cleantech startup also plans to use some amount of funds raised in increasing the size of its team and even for expansion.
About the cleantech startup that has announced its funding
The cleantech startup, EdgeGrid, was founded in the year 2020, by Sunil Talla and Prasad Yerneni and has its headquarters in Hyderabad, Telangana. The startup is a digitally connected energy network that will deliver clean energy, the way it should be. The cleantech startup connects sellers with individuals, businesses, and distribution companies that need energy services. The startup changes the way energy is consumed and produced. It believes, in every home and business can be a seller and a user of clean power at a fraction of the existing prices.
The vision of the cleantech startup is to have the energy of the future delivered the way it should be. The mission of the startup is to create the largest energy network that empowers everyone to achieve more. The startup claims to be the energy of the future where one achieves net-zero, is more responsible, makes money, saves electricity costs, earns new income by being climate-friendly for the first time, by earning money from the usage of the energy instead of just paying the electricity bills.
The cleantech startup empowers the users to take control of their consumption, their possibilities of supply, their costs, their new income opportunities, and their impact on the climate- all in an application that helps the users to have an energy of the future in their hands. The local businesses that have trust in the cleantech startup are Aprilia, Bajaj Electronics, Dominos, Jio, KFC, DAMRO, SBI, Royal Enfield, Hyundai, Iron Hill, Swamyar, and many others.
About Theia Ventures
Theia Ventures is engaged in investing in early-stage climate-tech companies in India with seed-stage capital, to address the climate crisis and achieve zero net carbon emissions.
The portfolio of Theia Ventures consists of companies like Probus, Canvaloop, Sheru Tezz, EdgeGrid, and many others.
What has been said about the deal of funding of a cleantech startup:
The founder and CEO of the cleantech startup, EdgeGrid, Sunil Talla, has made a statement saying that the startup is working in the domain of energy, and it has now become obvious that there is a change, a shift in the way energy is produced and consumed and it has become essential. He further said that the startup believes in the consumer-centric model instead of a centralized model and this, according to the startup, helps in making the change in energy more sustainable and profitable.
The startup is working for a better future, it is contributing its bit to make sure that we have a healthy, safe, and sustainable future. We wish the startup a stroke of good luck and hope it has a beautiful, clean, and prosperous future ahead.