MUMBAI: Tokyo-based Broadband Tower K.K has picked a significant minority stake in igrenEnergi, an India-focused solar energy start up for an undisclosed sum.
The US-headquartered igren, with offices in Mumbai and Bangalore, will use the proceeds to expansion and technology upgradation, its chief executive Jitendra Apte told ET.
igrenEnergi, which counts Tata Power DDL among one of its major clients, develops innovative products which improve the economics of solar and storage, using its energy packetization architecture and proprietary analytics platform enabled.
“We have signed an agreement and BB Tower will provide us the growth capital. The deal will also enable us our expansion in Japanese and other overseas markets,”Apte said.
BB Tower operates a portfolio of solar power plants in Japan and plans to invest further in the sector. BB Tower has been building a relationship with University of California, San Diego (UCSD) to jointly explore, identify and develop opportunities in IOT and Cleantech.
Listed in Japan, BB Tower has a revenue of 37.13 Billion Yen (around Rs 2,200 crore) in FY 16.
The investment in igrenEnergi was made jointly by BB Tower and GiTV – an investment fund with interest in Cleantech and Internet-of-Things.
igrenEnergi’s first product, the energy module Optimizer is currently being installed in Tata Power DDL 1 MW plant in Delhi and a few other large rooftop projects.
Founded in 2013 igrenEnergi has been incubated by IIT-Bombay.