Climate-smart deeptech firm Ecozen raises $30 mn from Nuveen, other investors

Climate-smart deeptech startup Ecozen on Friday said that it has raised $30 million in a mix of debt and equity from existing investors, including asset management firm Nuveen.

The startup also raised debt support from the InCred Credit Fund and the US International Development Finance Corporation (DFC).

“The capital raised will enable us to scale our operations and deepen our market penetration in domestic and international territories. We are committed to empowering customers and expediting the transition to climate-smart technologies on a global scale,” Devendra Gupta, CEO and Co-Founder of Ecozen, said in a statement.

According to the company, the latest funds will be used to cater to the growing demand for Ecozen’s innovative products and to further its commitment to climate-smart technology.

The company has grown five times over the last two years, with profits growing three times as well.

“Ecozen’s continued growth and innovation exemplify the type of transformative impact we aim to achieve through our investments, paving the way for a sustainable and inclusive low-carbon economy,” said Rekha Unnithan, MD and Head of Private Equity Impact Investing at Nuveen.

The startup said that it is expecting to double its revenue in the current fiscal year, buoyed by strong demand for existing products and plans to leverage its tech stack of advanced motors and controls, thermal energy storage, AI and IoT to enter new segments undergoing a transition to cleaner energy sources.

The company is also set to expand its offerings and market presence into Africa and Southeast Asia.