Green Energy Takes Center Stage as Solarworld and Ukhi Secure Funding
Two innovative companies, Solarworld Energy Solutions and Ukhi, are making significant strides in green energy and sustainability with fresh funding rounds aimed at scaling their operations and addressing pressing global challenges.
Solarworld Energy Solutions has raised ₹110 crore in a pre-IPO funding round. Key investors include ValueQuest Investment Advisors and other prominent funds, reflecting strong confidence in the company’s vision to advance solar power technology. The fresh issue size for its upcoming IPO has been reduced from ₹550 crore to ₹440 crore.
The funds will primarily support Solarworld’s subsidiary, Kartik Solarworld, in establishing a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh. This advanced facility aims to boost India’s renewable energy capacity significantly. A portion of the funds will also go toward corporate initiatives and operational growth.
Solarworld specialises in engineering, procurement, and construction (EPC) services for solar projects. As of August 2024, the company had completed solar installations with a capacity of 253.67 MW AC/336.17 MW DC, with ongoing projects totaling 420 MW AC/592 MW DC. These milestones highlight Solarworld's role as a leader in renewable energy development in India.
Ukhi, a Delhi-based biomaterials startup, has raised $1.2 million in a pre-seed funding round. Equity investments came from 100Unicorns, Venture Catalysts, and angel investor Avtar Monga, while debt financing was provided by the Small Industries Development Bank of India (SIDBI). This funding will help Ukhi expand its production and enhance its research capabilities.
Founded in 2019, Ukhi focuses on creating biodegradable packaging materials using agricultural waste. Its patent-pending technology transforms lignocellulosic residues into compostable biomaterials, offering a sustainable alternative to plastic packaging. These materials are already in use across Haryana and Uttarakhand, with plans for global distribution.
Ukhi’s solutions tackle major environmental issues, including plastic pollution and crop burning, while promoting a circular economy. By developing eco-friendly packaging options, the company helps industries transition to greener practices and significantly reduce their carbon footprints.
Both Solarworld and Ukhi exemplify India’s commitment to sustainable development. Solarworld is leading efforts in renewable energy, while Ukhi is revolutionizing packaging with biomaterials. Their combined impact demonstrates how innovation can address global environmental challenges.
India’s solar energy sector is expected to reach 280 GW by 2030, driven by government initiatives and corporate investment. Meanwhile, the global biodegradable packaging market is on track to grow from $9.1 billion in 2024 to $15.6 billion by 2032, according to IMARC Group.
By tapping into these expanding markets, Solarworld and Ukhi are well-positioned to lead in their respective fields, offering solutions that are both innovative and essential for a sustainable future.