Japan’s BB Tower picks minority stake in India-focussed igrenEnergi

Japan’s BB Tower picks minority stake in India-focussed igrenEnergi


MUMBAI: A significant minority stake in igrenEnergi, an India-focused solar energy start up, has been picked by Tower K.K, a Tokyo-based Broadband for an undisclosed sum.

The chief executive Jitendra Apte told ET, The US-headquartered igren, with offices in Mumbai and Bangalore, will use the proceeds to expansion and technology upgradation.

igrenEnergi, considers Tata Power DDL among one of its major clients, innovative products are developed which improve the economics of solar and storage, using its energy packetization architecture and proprietary analytics platform enabled.

“We have signed an agreement and BB Tower will provide us the growth capital. The deal will also enable us our expansion in Japanese and other overseas markets,”Apte said.

A portfolio of solar power plants is operated by BB tower in Japan and it plans to invest further in the sector. In order to jointly explore, identify and develop opportunities in IOT and Cleantech, BB Tower has been building a relationship with University of California, San Diego (UCSD).

Listed in Japan, in FY 16 BB Tower has revenue of 37.13 Billion Yen (around Rs 2,200 crore).

The investment was made jointly by BB Tower and GiTV in igrenEnergi – an investment fund with interest in Cleantech and Internet-of-Things.

The energy module Optimizer, igrenEnergi’s first product, is currently being installed in Tata Power DDL 1 MW plant in Delhi and a few other large rooftop projects.

IgrenEnergi was founded in 2013 and was incubated by IIT-Bombay.

News source: economictimes.indiatimes.com

Picture source: google.co.in