Mexican solar energy startup Bright raised a $35.5M Series C round led by the Investment Fund for Developing Countries (IFU).
Notable participants in the round included Leonardo DiCaprio, Bimbo’s CEO, the founders of Tesla, Paypal, and the Inter-American Development Bank.
The company will use the funds to reduce financing and equipment costs for businesses and households, expand financing options, and invest in technology.
Bright provides access to solar energy without bearing the entire infrastructure cost The company designs and installs solar panels on the property’s roof and charges for the energy consumed. According to the company, customers can reduce their energy bill by up to 98%.
Bright was founded by Jonah Greenberger, former Director of Renewable Energy at Chevron, and Pablo Castellanos, an energy entrepreneur, with the goal of lowering barriers to the expansion and adoption of solar energy in Mexican homes and businesses.
Johan Greenberger and Pablo Castellanos founded Bright in 2014 to reduce barriers and promote the use of solar energy in Mexico. Currently, Bright serves over 4,700 B2B and B2C clients in over 80 cities in Mexico.
The company has identified significant needs for cheaper electricity to support growth in manufacturing as it shifts from China to serve the United States and other countries.
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