Solfium today announced the completion of the initial US$7 million investment of a US$10 million Series A round. This was led by Accion and ALIVE Ventures, with the participation of Kamay Ventures. The initial investment is the first of a multi-stage financing.
Mexico’s fragmented solar market makes the transition to clean energy difficult and expensive for most companies, including micro, small and medium-sized enterprises (MSMEs), which represent almost 99% of all companies and form the backbone of local and international supply chains.
High energy costs and frequent power outages increase operating expenses and leave the engine of the Mexican economy vulnerable to interruptions.
Solfium democratizing access to solar energy
Solfium helps companies decarbonize and reduce costs in their value chains through solar energy, enabling millions of suppliers, customers and employees to access cheaper, more reliable energy, simplifying adoption and providing long-term financing, installation and support.
Through partnerships with leading financial institutions, Solfium offers affordable financing options that make the adoption of solar energy a profitable solution for large companies and SMEs investing in their growth. Companies using Solfium’s platform can reduce their energy costs by up to 95% over the 25-year lifespan of a solar PV system.
Solfium is currently working with Coca-Cola, three of Mexico’s top five banks and other global corporations to provide solar energy to their own operations and thousands of SMEs in their supply chains in Mexico.
What’s coming for Solfium
With this new funding round, Solfium plans to reach millions of businesses, including underserved family businesses, who will benefit from financial inclusion initiatives powered by Solfium technology and strategic alliances with financial partners.
“Our mission is to make solar energy accessible to all businesses in Mexico, from global corporations to local entrepreneurs,” said Andrés Friedman, CEO and co-founder of Solfium. Clean energy should not be a privilege. With this financing, we are accelerating the transition to reliable and affordable solar energy that strengthens both our economy and our planet.
