$31.5 million were raised by the Mexican startup financed by Leo DiCaprio
The solar energy project firm, Bright, seeks to support Mexico's industrial sector in its transition to this technology.
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Bright, the Mexican startup dedicated to financing distributed solar power plants, which includes actor Leonardo DiCaprio among its investors, raised $31.5 million to expand its operations in the country.
In addition to the North American actor and environmental activist, the original investors of Uber also participate in this solar energy startup, as well as Daniel Servtije, CEO of Bimbo, and the founders of Tesla, Paypal, Stripe, and the Inter-American Development Bank.
Thomas Hougaard, senior vice president and Head of Green Energy and Infrastructure at the Danish Government Investment Fund for Developing Countries (IFU), told Forbes Mexico:
Bright is a highly professional company, and we strongly believe that the team is capable of delivering high-quality, affordable solar energy solutions for homeowners and businesses.
What do they do?
Since 2014, Bright has offered a solar subscription service that makes it quick and easy to switch to a sustainable solution for homes and businesses.
It was founded by Jonah Greenberger, former director of Renewable Energy at Chevron, and Pablo Castellanos, an entrepreneur in the field of energy.
In these 10 years, the company has installed more than 30 megawatts of solar energy capacity that supplies more than 4,700 customers in more than 80 cities in Mexico.
The new resources were raised through Series C financing, which was led by the IFU.
According to the Mexican publication, by 2024, Bright estimates to expand its electrical capacity to 50 megawatts.
Congrats @thejonahman and team @joinbright on the $31.5M Series C!— Y Combinator (@ycombinator) July 27, 2023
Bright is Mexico’s #1 distributed solar financier. They provide the financing & software to give large industries, businesses & homeowners access to cheaper electricity at no upfront cost.https://t.co/J1ZPhHPq2g
Bright recently announced that it will use this economic injection to reduce equipment and production costs for homes and businesses.
It is also working to provide more financing options for its clients and offer better technology and process automation thanks to artificial intelligence and machine learning.
“This capital we've raised will help us continue to make solar more affordable, reliable, and more accessible to more homes and businesses of all sizes across the country. We estimate that we can reduce solar energy costs by more than 30% in the next two years,” said Jonah Greenberg, CEO of Bright.
Bright is also looking to expand into Colombia, Brazil and Southeast Asia soon.
Bright designs custom solar systems that seek to meet the unique energy needs of families, while allowing them to control their consumption, maximize utility bill savings, and contribute to building more sustainable cities.
Bright's next stage of growth includes supporting the industrial sector in the adoption of solar energy, a key segment of the economy to help Mexico prosper from its distributed solar energy potential.
Greenberg highlighted that Mexico is located in one of the sunniest areas in the world, with strong manufacturing activity and growing energy demand, so it is prepared to lead the transition to renewable energy with significant solar energy potential.
According to data from the International Energy Agency shared by Greenberg, energy demand in the region is expected to increase by 50% by 2030 due to increased private transportation and changes in land use, which will require global investment estimates of up to $1.5 billion.
Bright seeks to move quickly to meet the need for cheaper electricity that promotes growth in manufacturing, which is currently shifting away from China in favor of manufacturing and trade operations between the United States and other countries.