In a strategic move to accelerate the energy transition in Mexico’s corporate sector, technology-based startup Solfium today announced the initial closing of a US$7 million Series A funding round, as part of a total round intended to reach US$10 million.
The round was led by impact funds Accion and ALIVE Ventures, with participation from Kamay Ventures, marking a vote of confidence in Solfium’s business model to decarbonize corporate value chains through distributed solar.
The Mexican context presents a major challenge: a fragmented solar market that makes the adoption of clean energy slow and costly for the vast majority of companies.
Micro, Small and Medium Enterprises (MSMEs), which make up 99% of the country’s business fabric, are the backbone of local and international supply chains, and are particularly affected by high energy costs and frequent power outages, which increase their operating expenses and undermine their resilience.
Faced with this issue, Solfium has developed a technology platform that simplifies the entire solar adoption journey, from financing and installation to long-term support.
Its business model not only targets large corporations, but also seeks to scale access to solar energy for the millions of MSMEs that are part of its value chains.
Since its founding in 2022, Solfium has installed 36,260 solar panels, totalling a generation capacity of 25 MW. These systems are projected to reduce 281,000 tons of CO2 over a 25-year period, while representing a total savings of US$28 million for its customers and electricity consumers.
“With Solfium, entrepreneurs can weather power outages, stay open longer and continue to generate revenue, all while reducing emissions and supporting Mexico’s transition to a more sustainable energy source,” said John Fischer, Accion’s Chief Investment Officer.
Reducing energy costs
Solfium’s ecosystem is strengthened through partnerships with leading financial institutions, enabling it to offer affordable financing options that make solar a cost-effective solution.
Companies using its platform can reduce their energy costs by up to 95% over the lifetime of a solar PV system, which is typically 25 years. The integration of storage solutions with batteries also provides an additional layer of resilience in the face of intermittent power supply.
The company already has partners such as Coca-Cola and three of the top five banks in Mexico working to provide solar power for both their own operations and thousands of small businesses.
Andres Friedman, CEO and Co-Founder of Solfium, explains: “Our mission is to make solar energy accessible to any business in Mexico, from global corporations to local entrepreneurs. Clean energy should not be a privilege”.
With this new capital injection, Solfium plans to expand its reach to millions of businesses, including those owner-operated and traditionally underserved, that will benefit from financial inclusion initiatives powered by Solfium’s technology platform and its large-scale alliances with financial partners.
“With this financing, we are accelerating the transition to reliable, affordable solar energy that strengthens both our economy and our planet,” Friedman emphasized.
For now, the company is not only marketing solar panels, but building a unified clean energy ecosystem that integrates energy management systems, battery storage, electric vehicle chargers and predictive maintenance solutions.
Add a comment
