12 Nov 2024
Ecozen, a provider of solar power solutions, is looking to rise up to $ 75 million (approximately ? 620 crore) to support its expansion into both domestic and international markets, according to a company representative.
Ecozen, based in Pune, offers cold storage solutions powered by clean energy. "We aim to secure approximately $75 million in private investment to accelerate growth, foster partnerships, and support customer financing," stated Devendra Gupta, CEO of Ecozen.
The funds generated will be used to expand the company's production capacity, upgrade product lines, and strengthen its market presence both in India and internationally, he stated. Ecozen currently operates a 100,000 sq ft production facility and plans to diversify into new product categories across different sectors, Gupta added.
Gupta stated, 'In retail, we have launched advanced freezer solutions, while in the mobility sector, we are applying our expertise in motor controllers and battery analytics to improve electric vehicle efficiency and support fleet management. Additionally, we are exploring retrofitting opportunities to broaden the reach of our solutions.'"
The CEO further mentioned that "we are currently operating in more than 13 countries and have plans for continued international expansion. In India, our presence spans approximately 13 states, including Maharashtra, Odisha, Karnataka, and Rajasthan."
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