Smart Joules Secures $8 Mn Debt Funding from Denmark’s IFU for B2B Cooling Solutions

Energy efficiency startup Smart Joules has secured a debt funding of $8 Mn (approximately INR 66 Cr) from Denmark’s Investment Fund for Developing Countries (IFU) as part of a green strategic partnership between India and Denmark.

The funding will be utilized by Smart Joules to execute its pipeline of cooling-as-a-service partnerships with healthcare and hospitality chains, aimed at reducing energy consumption and carbon emissions. Additionally, the capital will enable the company to enter cooling-intensive sectors such as data centers, pharmaceutical manufacturing facilities, and commercial offices.

Established in 2014 by Arjun Gupta, Smart Joules has developed an industry-first cooling-as-a-service (CaaS) solution focused on energy efficiency. The company’s DeJoule technology, an advanced building and utility management IoT solution, optimizes operations for maximum energy savings. Smart Joules offers a comprehensive solution called JouleCOOL, which includes design, implementation, operations, maintenance, and energy optimization services.

Arjun Gupta, founder and CEO of Smart Joules, stated, “This investment is a significant step towards achieving our vision of reducing 29 Mn tonnes of carbon emissions by 2030. It will help us execute our robust pipeline of portfolio-wide Cooling-as-a-Service partnerships, with every dollar invested contributing to energy, carbon emissions, and cost savings for our customers.”

Smart Joules plans to expand its partnerships across various industries, resulting in an incremental reduction of approximately 7.5 Lakh Tonnes of carbon dioxide emissions. The company aims to assist customers in achieving a minimum 20% reduction in energy costs, promoting energy efficiency as a key strategy to combat climate change and encourage sustainable practices.

Since its inception, Smart Joules claims to have saved 23 Cr kWh of energy, amounting to INR 181 Cr in energy costs and 1.6 Lakh tonnes in carbon emissions. The company’s clientele in the healthcare sector includes Apollo Hospitals, KIMS, and Aster, with plans to expand into the Indian hospitality sector, starting with Le Meridien.

In 2021, Smart Joules raised $4.9 Mn in equity funding from Sangam Ventures, Max I. Limited, cKinetics Accelerator, Dabur family’s Saket Burman, and other angel investors.

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• Source: https://timesnext.com/smart-joules-secures-8-mn-debt-funding-denmarks-ifu-b2b-cooling-solutions/