Ecozen aims to raise $75 mn to drive growth and expand market reach

13 Nov 2024 CW Team

Ecozen, a solar solutions provider, is planning to raise approximately $75 million to support its expansion across domestic and international markets, according to a company official.

Headquartered in Pune, Ecozen specializes in providing cold storage solutions powered by clean energy. CEO Devendra Gupta shared that the company is exploring a private investment of around $75 million to drive growth, develop partnerships, and offer customer financing.

The funds will be allocated toward expanding Ecozen's production facility, broadening its product offerings, and strengthening its market presence both within India and abroad. Gupta also noted that Ecozen’s current production facility spans 100,000 square feet and that the company aims to diversify into new product categories across multiple sectors.

In the retail sector, Ecozen has introduced advanced freezer solutions, while in the mobility space, the company is utilizing its expertise in motor controllers and battery analytics tools to improve electric vehicle efficiency and support fleet management. Additionally, Gupta indicated that Ecozen is investigating retrofitting options to increase the adaptability of its solutions.

Currently, Ecozen operates in over 13 countries with plans to further expand internationally. Within India, the company has a presence in around 13 states, including Maharashtra, Odisha, Karnataka, and Rajasthan.

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