Indian energy efficiency company Smart Joules has secured $8 million from the Investment Fund for Developing Countries (IFU), a Development Financial Institution owned by the Government of Denmark. The funding will fuel the company’s Cooling-as-a-Service (CaaS) partnerships with healthcare and hospitality chains, aimed at curbing energy consumption and carbon emissions.
Smart Joules envisions reducing 29 million tonnes of carbon emissions by 2030 and plans to utilize the funding to expand into cooling-intensive sectors like data centers, pharmaceutical manufacturing facilities, and commercial offices. Through portfolio-wide partnerships across industries, the company aims to incrementally reduce approximately 7.5 lakh tonnes of CO2 emissions. Additionally, it seeks to help customers achieve a minimum 20% reduction in energy costs through capital expenditure interventions.
Arjun Gupta, Founder and CEO of Smart Joules, expressed enthusiasm about the investment, emphasizing its significance in realizing the company’s carbon emission reduction goals. Gupta highlighted the investment’s role in executing robust CaaS partnerships and enabling simultaneous achievement of decarbonization and profitability objectives for customers.
Established in 2014, Smart Joules’ CaaS solution prioritizes energy efficiency. Nitish Chawla, Senior Investment Manager at IFU, commended Smart Joules for its proven solutions that significantly cut energy consumption and greenhouse gas emissions from cooling commercial buildings.
IFU’s investment aligns with the India Green Finance Initiative’s goals, focusing on investments driving India’s green transition and sustainability objectives. This funding marks a pivotal moment for Smart Joules, empowering the company to further innovate and accelerate its mission of combating climate change through energy efficiency solutions.
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