1. Home
  2. Infrastructure Energy
  3. POWER & RENEWABLE ENERGY
  4. Solar financier Aerem acquired Spinkraft Ventures; establish platform
Solar financier Aerem acquired Spinkraft Ventures; establish platform
POWER & RENEWABLE ENERGY

Solar financier Aerem acquired Spinkraft Ventures; establish platform

20 May 2024 2 Min Read CW Team
Aerem, an Indian solar financing firm, has acquired Spinkraft Ventures, a solar equipment distributor, to establish a comprehensive platform covering the entire solar energy value chain, aiming to become India's sole full-stack platform for solar solutions.

The financial details of the acquisition were not disclosed by the company. Founded in 2021, Spinkraft Ventures specialises in the sales and distribution of solar products across India. By integrating Spinkraft into its operations, Aerem seeks to utilise its distribution capabilities to offer complete solar solutions to customers.

Anand Jain, CEO, Aerem Solutions, expressed optimism about the combined strength of Aerem and Spinkraft, foreseeing an accelerated adoption of solar energy in India.

Aerem, known for its commercial solar financing arm NetZero Finance and proprietary software tools for streamlining solar projects, will now provide Spinkraft's team access to its technology platforms, processes, and systems to facilitate rapid operational scaling.

Supported by Blume Ventures and climate-technology investor Avaana Capital, Aerem had previously secured $5 million in a pre-Series A funding round, which included $1.5 million in debt financing from financial institutions. These funds were intended to expand its range of solar technology and financing options, as well as establish a network connecting financial institutions, engineering, procurement, and construction firms, and micro, small, and medium enterprises (MSMEs) to facilitate complete solutions for rooftop solar projects.

Earlier, Aerem had raised $2.5 million in pre-Series A funding to develop its technology platform.

The solar sector witnessed corporate funding of $8.1 billion through 41 transactions in the first quarter of 2024, reflecting a 4% decrease compared to the same period in 2023. However, there was a significant 47% increase in funding compared to the previous quarter, as revealed in Mercom Capital Group?s Q1 2024 Solar Funding and M&A Report.

(Source: Mercom)

Aerem, an Indian solar financing firm, has acquired Spinkraft Ventures, a solar equipment distributor, to establish a comprehensive platform covering the entire solar energy value chain, aiming to become India's sole full-stack platform for solar solutions. The financial details of the acquisition were not disclosed by the company. Founded in 2021, Spinkraft Ventures specialises in the sales and distribution of solar products across India. By integrating Spinkraft into its operations, Aerem seeks to utilise its distribution capabilities to offer complete solar solutions to customers. Anand Jain, CEO, Aerem Solutions, expressed optimism about the combined strength of Aerem and Spinkraft, foreseeing an accelerated adoption of solar energy in India. Aerem, known for its commercial solar financing arm NetZero Finance and proprietary software tools for streamlining solar projects, will now provide Spinkraft's team access to its technology platforms, processes, and systems to facilitate rapid operational scaling. Supported by Blume Ventures and climate-technology investor Avaana Capital, Aerem had previously secured $5 million in a pre-Series A funding round, which included $1.5 million in debt financing from financial institutions. These funds were intended to expand its range of solar technology and financing options, as well as establish a network connecting financial institutions, engineering, procurement, and construction firms, and micro, small, and medium enterprises (MSMEs) to facilitate complete solutions for rooftop solar projects. Earlier, Aerem had raised $2.5 million in pre-Series A funding to develop its technology platform. The solar sector witnessed corporate funding of $8.1 billion through 41 transactions in the first quarter of 2024, reflecting a 4% decrease compared to the same period in 2023. However, there was a significant 47% increase in funding compared to the previous quarter, as revealed in Mercom Capital Group?s Q1 2024 Solar Funding and M&A Report. (Source: Mercom)

Next Story
Infrastructure Urban
15 Nov 2024

Shoals' Q3 2024 revenue falls 23.9% due to project delays, supply chain

Shoals Technologies Group, a U.S.-headquartered manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and e-mobility, reported a 23.9% year-over-year (YoY) decline in revenue, which dropped to $102.2 million in the third quarter (Q3) of 2024. This decline was mainly attributed to project delays and supply chain disruptions. The company posted a net loss of $300,000, a significant improvement compared to the $9.8 million net loss in Q3 2023. Adjusted net income was reported at $13.9 million, reflecting a 58.2% YoY decrease. Adjusted EBITDA stood at $24.5 million, a 4..

Read More
Next Story
Infrastructure Energy
15 Nov 2024

FTC Solar sees 67% YoY decline in Q3 revenue from lower volumes

FTC Solar, a U.S.-based provider of solar tracker systems, reported a revenue of $10.14 million in the third quarter (Q3) of 2024, surpassing analyst expectations by $240,680. However, this figure marked a 66.8% year-over-year (YoY) decline compared to the same quarter in 2023, primarily attributed to reduced product volumes. The decline in solar tracker revenue was mainly due to an 82% decrease in the amount of MW produced, which was negatively impacted by delays in customer projects. This was partially offset by an increase in the average selling price (ASP), which led to better pricing an..

Read More
Next Story
Infrastructure Urban
15 Nov 2024

Dilip Buildcon wins bid for BharatNet Phase III broadband project

Dilip Buildcon announced on Tuesday, November 12, that its STL-DBL consortium had submitted the lowest bid for BSNL's BharatNet Phase III broadband connectivity project. The USOF-funded project, which aims to provide middle and last-mile connectivity in Jammu Kashmir and Ladakh, is valued at Rs.1,625.36 Crore. Dilip Buildcon holds a 70.23% stake in the implementation of the project. The project is expected to be completed in three years, and the corporation will secure a 10-year maintenance contract. In recent days, BSNL has awarded several contracts for the BharatNet project. On Monday, No..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

Shoals' Q3 2024 revenue falls 23.9% due to project delays, supply chain
ECONOMY & POLICY
15 Nov 2024

Shoals' Q3 2024 revenue falls 23.9% due to project delays, supply chain

FTC Solar sees 67% YoY decline in Q3 revenue from lower volumes
POWER & RENEWABLE ENERGY
15 Nov 2024

FTC Solar sees 67% YoY decline in Q3 revenue from lower volumes

Dilip Buildcon wins bid for BharatNet Phase III broadband project
ECONOMY & POLICY
15 Nov 2024

Dilip Buildcon wins bid for BharatNet Phase III broadband project

KPIL secures new orders worth Rs 22.73 billion
Real Estate
15 Nov 2024

KPIL secures new orders worth Rs 22.73 billion

NMDC Steel Q2 loss expands to Rs 5.95 bn, income at Rs 15.35 bn
Steel
15 Nov 2024

NMDC Steel Q2 loss expands to Rs 5.95 bn, income at Rs 15.35 bn

Kochi's Valanthakad Island to Get Bus Connectivity with Bridge Completion
RAILWAYS & METRO RAIL
15 Nov 2024

Kochi's Valanthakad Island to Get Bus Connectivity with Bridge Completion

KTR Demands Cancellation of Rs.88 Billion AMRUT Tenders
ECONOMY & POLICY
15 Nov 2024

KTR Demands Cancellation of Rs.88 Billion AMRUT Tenders

Bengaluru-Chennai Expressway: 72km Karnataka Stretch Completed
ROADS & HIGHWAYS
15 Nov 2024

Bengaluru-Chennai Expressway: 72km Karnataka Stretch Completed

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000