Established in 2014, Freyr Energy Services designs, builds and transfers (DBT) solar systems for residential, micro, small and medium commercial and industrial customers (C&I) in India.
Freyr’s services are offered through its integrated mobile application, SunPro+, that facilitates the sale of rooftop systems through channel partners. Through their network of over 250 active channel partners across India, Freyr has established over 1,200 installations in 19 states. In addition, Freyr has built a strong track record in the execution of tender projects backed by the Government of India.
Impact
Freyr is a triple-bottom line company; alongside generating a financial profit, Freyr also creates environmental and social returns.
Access to Reliable Energy: With microgrids and solar rooftop systems installed, community members are able to have a reliable source of electricity, thus leading to improved quality of life and greater productivity as they now have additional available hours for work and study.
Increased Cost Saving: Solar energy produces power at a lower cost compared to grid electricity and diesel generators. Rural communities no longer need to purchase costly kerosene for lighting therefore increasing their disposable income for other needs.
Improved Health: Reduced reliance on kerosene lamps lowers the harmful exposure of smoke and toxic fumes. This improves respiratory health and reduces incidences of respiratory illness and injury of rural communities.
Reduced Greenhouse Gases emissions: By promoting solar energy, Freyr provides a substitute for grid electricity, diesel generators and kerosene lamps. This will allow Freyr to reduce over 160,000 tons of carbon emissions, hence mitigating climate change and saving the equivalent to approximately USD $3.3 million in the social value of carbon emissions.
Freyr and IIX
Freyr participated in IIX’s ACTS Program, through which IIX provided an end-to-end service ranging from technical assistance and impact assessment to capital raise support. To close a pre-series A round of USD1.5 million, IIX brought together a consortium of global investors including Netherlands-based Capital 4 Development Partners and India-based angel investors.
Based on the strong partnership established from their initial engagement, IIX is currently working with Freyr on a Series A round.
