Solar-powered startup Bright raises $31.5 million to accelerate solar energy access in Mexico
Mexico's renewable energy sector is on the rise, with the International Energy Agency forecasting a substantial expansion of nearly 8 Gigawatts in renewable energy capacity between 2022 and 2027.
Notably, Mexico has committed to deploying 30 Gigawatts of combined wind, photovoltaic solar, geothermal, and hydroelectric power by 2030, showcasing its dedication to a sustainable energy future.
Seizing the opportunity to drive this renewable energy movement is Bright, a Mexican rooftop solar panel startup with a mission to revolutionize 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, drawing support from renowned actor Leonardo DiCaprio. With the recent fund, Bright has raised a total of $59.8 million over 7 rounds, according to Crunchbase data.
The funding round was led by the Danish ODS Investment Fund (IFU), attracting investments from various family firms, high-net-worth individuals, and other investors.
IFU's investment in Bright is poised to make a considerable impact. It will enable the startup to reduce financing and equipment costs for both residential and commercial customers, facilitating a smoother and more widespread adoption of solar energy in Mexico.
Furthermore, Bright offers cutting-edge workflow automation, maximizing the potential of distributed solar energy in the country. The renewable tech startup has a successful track record already in place. So far, it has installed over 30MW of solar energy for 4,700 customers, empowering installers and entrepreneurs to offer profitable financing solutions.
