Tokyo-based Broad­band Tower Buys into igrenEn­ergi

The Economic Times - - Companies: Pursuit Of Profit - Our Bureau

Mum­bai: Tokyo-based Broad­band Tower KK has picked a sig­nif­i­cant mi­nor­ity stake in igrenEn­ergi, an In­dia-fo­cused so­lar energy startup for an undis­closed sum. The US-head­quar­tered igren, with of­fices in Mum­bai and Ben­galuru, will use the pro­ceeds for ex­pan­sion and technology upgra­da­tion, its chief ex­ec­u­tive Ji­ten­dra Apte told ET.

igrenEn­ergi, which counts Tata Power DDL among one of its ma­jor clients, de­vel­ops in­no­va­tive prod­ucts which im­prove the eco­nomics of so­lar and stor­age, us­ing its energy pack­eti­sa­tion ar­chi­tec­ture and pro­pri­etary an­a­lyt­ics plat­form en­abled. “We have signed an agree­ment and BB Tower will pro­vide us the growth cap­i­tal. The deal will also fa­cil­i­tate our ex­pan­sion in Ja­panese and other over­seas mar­kets,”Apte said.

BB Tower op­er­ates a port­fo­lio of so­lar power plants in Ja­pan and plans to in­vest fur­ther in the sec­tor. BB Tower has been build­ing a re­la­tion­ship with Univer­sity of Cal­i­for­nia, San Diego (UCSD) to jointly ex­plore, iden­tify and de­velop op­por­tu­ni­ties in IOT and Clean­tech. Listed in Ja­pan, BB Tower has a rev­enue of 37.13 bil­lion yen (around .₹ 2,200 crore) in FY 16.

The in­vest­ment in igrenEn­ergi was made jointly by BB Tower and GiTV - an in­vest­ment fund with in­ter­est in Clean­tech and In­ter­net-of-Things. igrenEn­ergi’s first prod­uct, the energy mod­ule op­ti­miser is cur­rently be­ing in­stalled in Tata Power DDL1 MW plant in Delhi and a few other large rooftop projects.

US-based igren, with of­fices in Mum­bai and Ben­galuru, will use the pro­ceeds for ex­pan­sion and technology upgra­da­tion

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