Rooftop solar startup CleanMax is a sustainability partner to corporations and develops solar and wind projects under the Build Own Operate model by providing renewable electricity under long-term agreements, creating significant savings for end-users.
The startup currently serves more than 150 customers, including Facebook, Adobe, Cargill Foods, Volvo, Tata Group, Mahindra Group, Grasim, MG Motors and others.
The Danish Investment Fund for Developing Countries (IFU) invested $34 Mn in the renewable energy startup in December 2021.
The investment in CleanMax is IFU’s second within renewables in India, following the signing of the India-Danish Green Strategic Partnership in 2020 by Prime Minister Narendra Modi and Danish Prime Minister Mette Frederiksen.
CleanMax signed a deal with social media giant Facebook last year to co-run a portfolio of wind and solar projects across India that will supply clean energy to the electrical grid.
In India, the startup has new investments lined up in solar, wind and wind-solar hybrid projects in states, including Karnataka, Gujarat, Maharashtra, Haryana, Uttar Pradesh and Tamil Nadu, to serve the needs of corporate customers.
CleanMax is planning to accelerate its growth in the commercial and industrial renewable energy space in India, as well as in the Middle East and South East Asia.
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