World Bank Group member, International Finance Corporation (IFC), will provide $1m for Ecolibrium Energy to boost energy efficiency in India.
Ecolibrium was formed by Indian Institute of Management, Ahmedabad’s business incubator Center for Innovation, Incubation & Entrepreneurship (CIIE).
Commenting on the initiative, Ecolibrium Energy founder and CEO Chintan Soni said that the energy efficiency firms in India may face difficulties in raising funds as they are new to the nation’s market.
"This financing from IFC will show the way for other global and domestic investors to follow suit and invest in such technology-enabled scalable businesses," added Soni.
In addition, CIIE is set to invest $500,000 in Ecolibrium in this round of investment on behalf of early stage cleantech fund Infuse Capital, while IFC is one of the investors in Infuse Capital.
IFC Infrastructure Asia regional director Anita George said, "IFC’s investment in Ecolibrium supports energy efficiency by giving commercial and small and medium enterprises technologically advanced and innovative solutions that help reduce energy usage."