Smart Joules, an energy efficiency solutions provider, has secured $10 million in Series B funding from investors including SVL SME Neev II Fund, Waaree Renewable Technologies, and Spectrum Impact. The investment will fuel the company’s expansion across India’s commercial and industrial sectors, with a focus on energy efficiency and cooling operations. Smart Joules offers a range of solutions, including energy-efficiency performance contracting, cooling-as-a-service, and AI-powered building management systems. The company aims to reduce carbon emissions by 29 million tons by 2030 and has already conserved 321 million units of energy, reduced CO₂ emissions by 240,000 tons, and saved ₹2.66 billion (~$29.43 million) in energy costs.
The funding will be used to strengthen the company’s technology, analytics, and on-ground execution capabilities, as well as expand its operations into new sectors such as manufacturing, building automation, and district cooling. Smart Joules’ founder and CEO, Arjun P. Gupta, highlighted the company’s expertise in cooling and automation, as well as its innovative business models that eliminate energy waste.
The investment comes as the Indian government launches initiatives to enhance energy efficiency in the country. The Ministry of Power has introduced a new program, Assistance in Deploying Energy-Efficient Technologies in Industries and Establishments, with a budget of ₹10 billion (~$116.28 million) to be implemented over three years. The program aims to support micro, small, and medium enterprises in adopting energy-efficient technologies. Additionally, the Ministry of Power has established the Advanced Industrial Technology Demonstration Center to promote the demonstration and exchange of knowledge on new energy-efficient technologies.
The funding and government initiatives demonstrate the growing focus on energy efficiency in India, driven by the need to reduce carbon emissions and promote sustainable development. Smart Joules’ expansion plans and innovative solutions are well-positioned to capitalize on this trend, with the potential to make a significant impact on India’s energy landscape. With its strong track record of energy conservation and emission reduction, Smart Joules is poised to play a key role in India’s transition to a more energy-efficient and sustainable future.