Smart Joules Secures $10 Million for Energy Efficiency Expansion

Energy services firm Smart Joules has successfully raised $10 million in a Series B funding round spearheaded by the Neev II Fund, which is managed by SBI Ventures Limited. This round also saw participation from Waaree Renewable Technologies and Spectrum Impact. Earlier in February 2024, Smart Joules secured $8 million in debt financing from Denmark’s IFU. In 2021, the company had previously raised $4.9 million from various investors, including Sangam Ventures, Max I. Limited, and cKinetics Accelerator.

Utilising Funds for Growth in Energy Efficiency

The funds acquired will be allocated to enhance Smart Joules’ energy efficiency and cooling initiatives throughout commercial and industrial facilities in India. Key areas of focus will comprise manufacturing units, building automation, and district cooling projects. Additionally, capital will be invested in bolstering technology, data systems, and on-ground execution teams.

Smart Joules: A Commitment to Energy Efficiency

Founded in 2014 by Arjun P. Gupta, Sidhartha P. Gupta, and Ujjal Majumdar, Smart Joules operates with an efficiency-first approach, collaborating with enterprises to minimise energy consumption without requiring upfront capital from customers. The company’s product portfolio includes JoulePays for performance-based energy efficiency contracts, JouleCool offering cooling-as-a-service, and DeJoule, an AI-driven building management platform.

Impressive Energy Conservation Stats

According to Smart Joules, the company has successfully conserved 32.1 crore kWh of energy, leading to a reduction of 2.4 lakh tonnes of CO₂ emissions and yielding Rs 266 crore in energy cost savings. Smart Joules aspires to achieve a carbon emissions reduction of 29 million tonnes by the year 2030.