Leo DiCaprio-funded Mexican solar power startup raises $31.5 million to grow

Bright, a Mexican startup dedicated to financing distributed solar power projects and backed by major investors including actor Leonardo DiCaprio, has raised $31.5 million to expand its operations in the country.

Since 2014, Bright has been offering a solar subscription service that streamlines and simplifies the transition to a sustainable solution for homes and companies.

The company indicated that the investment in the Serie C financing was led by Fondo del Gobierno Danes de Inversión Para Pais en Desarolo (IFU).

Apart from DiCaprio, the Mexican solar energy startup also includes Uber’s original investor Bimbo CEO Daniel Servatje and founders of Tesla, PayPal, Stripe as well as Banco Interamericano de Desarolo.

Since a decade ago, Bright has installed over 30 MW of solar power capacity that supplies over 4,700 customers in over 80 cities across the country.

For 2024, Bright anticipates expanding this capacity to 50 MW.

The company says it will use the IFU investment to lower financing and equipment costs for homes and companies, provide more financing options for its customers, and also invest in technology and automation of processes thanks to artificial intelligence . machine learning,

Bright was founded by Joanna Greenberger, former director of renewable energy at Chevron, and Pablo Castellanos, an entrepreneur in the energy sector, with the aim of lowering barriers to the expansion and adoption of solar power in Mexican homes and companies.

For homes, Bright helps design personalized solar systems that meet families’ unique energy needs, control their energy consumption, maximize savings on their utility bills and help make their cities more sustainable. Let’s contribute.

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“Bright is a highly professional company, and we firmly believe the team is capable of offering home and business owners high quality and affordable solar energy solutions”, says Thomas Hougaard, Vice President. senior and Head of Green Energy and Infrastructure at IFU.

It should also be noted that Bright allows companies of all sizes to take control of rising energy costs, achieve energy independence, receive tax benefits and achieve their sustainability goals.

In turn, Bright CEO Jonah Greenberg indicated that Mexico is located in one of the sunniest regions of the world, with a strong manufacturing activity and growing energy demand, so it is poised to lead the transition to renewable energy with a significant ready for. potential of solar energy.

“This capital that we have raised will help us make solar power more affordable, reliable and have greater coverage for more homes and companies of all sizes in the country. We estimate that we can reduce the cost of solar power by more than 30% in the next few years.

Bright’s next major commitment will be to support the industrial sector in the adoption of solar power, a key sector of the economy to help Mexico grow from its distributed solar power capacity.

The company has identified critical needs for affordable power to scale up manufacturing as it moves from China to serve the United States and other countries.

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