Bright, a Mexican startup dedicated to financing distributed solar power plants that counts actor Leonardo DiCaprio among its investors, raised US$31.5 million to expand its operations in the country.
In addition to the North American actor and environmental activist, this solar power startup includes Uber’s original investors, as well as Daniel Servatje, CEO of Bimbo and founders of Tesla, PayPal, Stripe, as well as Banco Interamericano di Desarolo. ,
Thomas Hougaard, Senior Vice President of the Danes de Inversion Government Fund (IFU) for Developing Countries and Head of Green Energy and Infrastructure signed up with Forbes Mexico:
Bright is a highly professional company, and we firmly believe that the team is capable of offering home and business owners high quality and affordable solar energy solutions.
Since 2014, Bright has been offering a solar subscription service that streamlines and simplifies the transition to a sustainable solution for homes and companies.
It was founded by Jonah Greenberger, former director of renewable energy at Chevron, and energy entrepreneur Pablo Castellanos.
In these 10 years, the company has installed more than 30 MW of solar power capacity that supplies more than 4,700 customers in more than 80 cities in Mexico.
New resources were gathered through funding from Serie C, which was led by the IFU.
For 2024, Bright anticipates expanding its electrical capacity to 50 MW, according to the Mexican publication.
Congratulations @thejonahman and team @joinbright $31.5M on Series C!
Bright is Mexico’s #1 distributed solar financier. They provide financing and software to give large industries, businesses and homeowners access to affordable power at no upfront cost.https://t.co/J1ZPhHPq2g
— Y Combinator (@ycombinator) 27 July 2023
Bright recently announced that it will use this economic injection to reduce production and equipment costs for households and companies.
Asimismo works to provide more financing options to its customers and offer better technology and automation of processes thanks to artificial intelligence and machine learning.
“This capital that we have raised will help us make solar power more affordable, reliable and have greater coverage for more homes and companies of all sizes in the country. We estimate that we can reduce the cost of solar power by more than 30% over the next few years”, highlighted Jonah Greenberg, CEO of Bright.
Bright is also looking to expand to Colombia, Brazil and South East Asia soon.
Individualized solar systems with intelligent designs that seek to meet the unique energy needs of families, while allowing them to control their consumption, maximize savings on utility bills, and contribute to building more sustainable cities.
The next phase of Bright’s development involves supporting the industrial sector in the adoption of solar power, a key segment of the economy to help Mexico grow from its distributed solar power capacity.
Greenberg highlighted that Mexico is located in one of the sunniest regions of the world with strong manufacturing activity and growing energy demand, so it has a significant potential for solar power to lead the transition to renewable energy. is ready.
According to International Energy Agency data shared by Greenberg, energy demand in the region is expected to increase by 50% by 2030 due to an increase in private transportation and land-use changes, which will require investment in projected global prices. to US$ 1,500 million.
Bright wants to move quickly to meet the needs of offering affordable power that fuels the growth of manufacturing, which is currently moving away from China in favor of manufacturing and commercial operations in the United States and among other countries. Is.