SPN Secures $64 Million Loan for Renewables Expansion

Solfium, a solar-tech company, raised $3 million in seed funding at the Bolsa Institutional de Valores (BIVA), Mexico’s second-largest stock exchange, focused on technology and supported by Nasdaq. The funding will be used to expand its operational capacity, invest in technology, and improve its sales pipeline. The funding saw participation from Redwood Ventures, RaliCap, Katapult VC, Savia Ventures, Propulia Capital and others.

“We are delighted by the breadth and depth of support the Solfium project has received from this group of highly regarded investors. Each brings specific skill sets and profiles to support Solfium on its ambitious journey to dramatically accelerate the adoption of distributed solar energy,” said Andres Friedman, Solfium’s co-founder and CEO.

The company provides retail customers with an end-to-end digital platform that facilitates the adoption of solar energy for their homes and businesses and shovel-ready solutions for corporate customers.

Hayden Simmons, general partner with RaliCap, added “From our home in Silicon Valley, RaliCap looks forward to leverage its extensive experience in emerging market fintech to support Solfium’s brilliantly conceived ecosystem to further remove friction for consumers by implementing and integrating best-in-class payment processing and financing technologies, models, and practices.”

Last Month, Omnidian, a provider of monitoring systems for residential and commercial solar assets, raised $25 million in an equity funding round, which saw participation from existing investors Activate Capital, WIND Ventures, Avista Development, Inc., Evergy Ventures, National Grid Partners, Congruent Ventures, Blue Bear Capital, and new investor HSBC Asset Management.

According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in 9M 2023, Venture Capital funding activity rose 4% YoY, with $5.7 billion in 51 deals compared to the $5.5 billion raised in 72 deals in 9M 2022.

Recently, Cosmos Innovation, a solar AI tech solutions firm,  raised $19.7 million in Series A funding led by Xora Innovation, an early-stage, deep-tech investment platform of Temasek, a global investment company headquartered in Singapore.