SolarTech start-up Loom Solar has raised $2 million funding from US-based Social Investment Managers and Advisors (SIMA) under the Energy Access Relief Fund (EARF) supported by the World Bank, DFC, BII, FMO, IFC and others. The funding will support Loom Solar to achieve its goal of powering millions of homes in India in the medium term through sustainable solar energy. Loom Solar has been developing its capacity and building new product portfolio, and distribution network across India. The start-up, manufacturing Bi-facial solar panels and Lithium battery, is headquartered in Faridabad, Haryana. Besides India, the four-year old company exports its products to ten countries largely in North America and Europe, under the government of India’s ‘Make in India’ initiative.
Over 50,000 homes across India are claimed to be powered by Loom Solar. The start-up is developing an eco-system for residential customers using superior technology, continuous innovation in product, enhanced service, and easy and quick finance, so that solar energy access for consumers can become hassle-free. Loom Solar is encouraging new Indian Homes and the existing ones to access energy through solar, which is sustainable.
