Last Friday, Chris Sacca’s Lowercarbon Capital and a handful of other investors announced their backing of SolarSquare – an Indian startup that sells rooftop solar systems.
India’s Prime Minister Narendra Modi has set ambitious renewable energy goals, but there are some factors that may prevent the nation from reaching them on time.
Specifically, under 1% of households in the country are equipped with rooftop solar systems, which shows alarmingly slow adoption of this technology.
Local startup SolarSquare is on a mission to change that, as it brings viable technological solutions for individuals to the table.
And to help pick up the pace, a funding round led by Good Capital has just now raised $4 million, with investors including major climate tech and renewable energy supporters, such as Chris Sacca’s Lowercarbon Capital fund.
Other investors that took part in the round include Climate Angels, Symphony Asia, Better Capital and Rainmatter, among others.
Not only will this benefit the environment and help increase the share of clean power in the country’s energy mix, it will also lower the costs of electricity for ordinary households, as solar power is in effect much cheaper than purchasing electricity from the grid.
So far, SolarSquare has equipped more than 3,000 homes with modular solar systems in the year and a half since the startup switched from catering to corporate clients to serving the customer segment.