Ecozen plans to raise $75M to fuel growth, increase market presence

Solar solutions provider Ecozen is planning to raise $75 million (about Rs 620 crore) to fuel its expansion plan in the domestic and international markets, a company official said.

Pune-based Ecozen provides cold storage solutions using clean energy.

"We are considering raising a private investment of around USD 75 million to fuel growth, partnerships, and customer financing," Ecozen CEO Devendra Gupta said.

The amount raised will be used to expand the company's production facility, enhance product lines, and increase market presence in India and abroad, he said.

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Gupta said Ecozen has a production facility of 1 lakh sq ft and the company is exploring to diversify into new product ranges across different sectors.

"In retail, we've launched advanced freezer solutions, and in the mobility sector, we are leveraging our expertise in motor controllers and battery analytics tools to enhance electric vehicle efficiency and support fleet management.

We are also exploring retrofitting opportunities to expand the applicability of our solutions," Gupta said.

"We are currently active in over 13 countries with plans of further international growth. In India, we are present in around 13 states, including Maharashtra, Odisha, Karnataka and Rajasthan," the CEO added.