Indian startup Solavio Labs raises Canadian fund – pv journal India
The solar panel cleaning startup, whose sales increased 125-fold last year, has so far raised three tiers of funding from government agencies in India, Dubai and Canada totaling INR 2 billion.
February 22, 2021
Indian startup Solavio Labs, developer of modular, autonomous bots for cleaning solar panels, has announced the completion of INR 40.6 lakh financing from a Canada-based innovation fund. The new investment round brings the startup’s total funds to INR 2 crore. Also, Solavio Labs is the only Indian cleantech startup to have received support from three government agencies – India, Dubai and Canada – in the past year.
Simultaneously with the investment, Solavio Labs also announced its expansion into the Middle East and North American markets. To support the growing global demand for PV technology, the company intends to expand its manufacturing base in India with a production of 12,000 units by the end of fiscal year 2021-22.
Suraj Mohan, Co-Founder of Solavio Labs, said his company had a phenomenal 125x growth over the past year as contracts were received from leading developers in India and Dubai. “The recent funding from the Province of New Brunswick, Canada, through the New Brunswick Innovation Fund is encouraging and we plan to expand our manufacturing facilities in the country to meet global demand,” he said. The addition of PV technology was at the core of Solavio’s accelerated growth.
Solavio Labs, based in Coimbatore, was founded by two engineers and develops solutions based on artificial intelligence that enable the autonomous cleaning of solar modules. The system is reportedly compatible with most structures, assembly areas, and climates, and is nearly 30% lighter than most bots on the market.
The company recently signed a long-term Memorandum of Understanding (MoU) with the Dubai Electricity and Water Authority (DEWA). As part of this agreement, the first set of autonomous cleaning bots for solar modules was successfully put into operation to pilot on the 1.8 MW solar PV carport on the campus of the DEWA headquarters. Solavio Labs has also ordered 100 MW solar systems worldwide.
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