Solar startup Bright secures $31.5M funding led by IFU and backed by Leonardo DiCaprio, aiming to drive solar energy adoption in Mexico.
Bright, a renewable energy startup, hits $31.5 Million in its bid to spread solar energy in Mexico.
Mexico’s renewable energy sector is experiencing remarkable growth, with the International Energy Agency projecting a substantial expansion of nearly 8 Gigawatts in renewable energy capacity between 2022 and 2027.
Mexico has set ambitious targets, committing to deploying 30 Gigawatts of combined reneable energy. These sources include wind, photovoltaic solar, geothermal, and hydroelectric power. 2030 is set as the target, showcasing its dedication to a sustainable energy future.
An On-Going Trend in Mexican Energy
Capitalising on this opportunity to drive the renewable energy movement is Bright, a Mexican rooftop solar panel startup with a mission to revolutionise the accessibility of solar energy across the country.
In a significant boost to its aspirations, Bright has successfully secured $31.5 million in a Series C funding round. It received support from renowned actor Leonardo DiCaprio, the Investment Fund for Developing Countries (IFU), family firms, high-net-worth individuals, and other investors.
This recent funding brings Bright’s total raised to $59.8 million over seven rounds, according to Crunchbase data.
Funding Aimed at Growth and Reducing Costs
The Series C funding, led by IFU, is expected to have a substantial impact, enabling Bright to reduce financing and equipment costs for both residential and commercial customers.
Bright sets itself apart by offering cutting-edge workflow automation, maximising the potential of distributed solar energy in the country. The startup boasts a successful track record, having already installed over 30MW of solar energy for 4,700 customers.
Founded in 2014 by Johan Greenberger and Pablo Castellanos, Bright’s mission is to reduce barriers and promote the use of solar energy in Mexico. Currently, the company serves over 4,700 B2B and B2C clients in more than 80 cities throughout the country.
The company’s model involves designing and installing solar panels on the property’s roof. Bright charges for the energy consumed, offering customers the opportunity to reduce their energy bills by up to 98%.
Mexico Might be the Perfect Place for Such Growth
Mexico, situated in one of the sunniest parts of the world, is well-positioned to be a leader in the transition to renewable energy, particularly in solar. With the IFU’s investment, Bright aims to lower financing and equipment costs for residents and businesses.
Thomas Hougaard, Senior Vice President & Head of Green Energy & Infrastructure at IFU, expressed confidence in Bright’s capabilities:
“Bright is a highly professional company, and we strongly believe that the team is able to offer high quality and affordable solar power solutions to homeowners and businesses, thereby supporting the green transition in Mexico.“
Jonah Greenberger, CEO of Bright, emphasised the significance of the IFU’s investment in enabling partner workflow automation and reducing capital and equipment costs. He highlighted Mexico’s position as one of the greatest wealth creation opportunities of their generation.
With its forward-thinking approach and strong financial backing, Bright is poised to play a pivotal role in driving Mexico’s solar energy revolution, bringing clean and sustainable power to homes and businesses across the nation.
