1. Startups

Xurya Confirms Series A Funding of 308 Billion Rupiah Led by East Ventures and Saratoga

Xurya has operated 57 Rooftop Solar Power Plants, is currently building in 38 other locations from various industries and increasingly diverse businesses

Renewable energy startup Xurya announced a series A funding round of $21,5 million (approximately 308 billion Rupiah) led by East Ventures (Growth Fund) and PT Saratoga Investama Sedaya Tbk (Saratoga). Confirmed value this is bigger than the information that DailySocial.id received in December 2021 for $14 million.

Schneider Electric and New Energy Nexus Indonesia, former investors from Xurya, participated in the round. New Energy Nexus Indonesia in the past year has completed its investments in five renewable energy companies. Meanwhile, Schneider Electric, through Schneider Electric Energy Access Asia (SEEAA) made its investment debut in a renewable energy startup in Indonesia to Xurya.

Xurya will allocate the fresh funds to continue the construction of PLTS Roof which has grown three times over the past year, technology development, and human resources so that efforts to accelerate the clean energy transition can be realized immediately.

"We appreciate the support and trust given by investors, partners and customers to assist us in accelerating the transition of new renewable energy in Indonesia since Xurya was founded three years ago," said Managing Director of Xurya Daya Indonesia Eka Himawan in an official statement, Wednesday (12/1). /XNUMX).

East Ventures Managing Partner Roderick Purwana said, “East Ventures believes in the importance of investing in the right companies, not only to pursue profit, but also to provide social and environmental impact. As one of the pioneers of VC to adopt an ESG approach to investment, we are very pleased to be able to support the Xurya team from the very beginning of their journey in creating a clean and sustainable energy revolution in Indonesia, as well as protecting the earth.”

Saratoga President Director Michael Soeryadjaya added, "This investment is a good opportunity for Saratoga to strengthen support in the New & Renewable Energy (EBT) technology sector, which is now one of the priority energy sources to be developed by the government."

According to him, Rooftop Solar Power Plants (PLTS) can provide a solution for the availability of clean, environmentally friendly, and sustainable energy in Indonesia. The growth of the installed capacity of Rooftop PLTS is very rapid in the last three years, this proves that the need for the NRE technology industry is getting higher.

As one of the government-supported initiatives, Saratoga can help accelerate the government's efforts to achieve the NRE mix target of up to 23% by 2025 and 31% by 2050.

Until the end of 2021, Xurya has operated 57 Rooftop Solar Power Plants and is currently building in 38 other locations from various industries and businesses that are increasingly diverse, such as manufacturing companies (food and beverage, consumer goods, agriculture, automotive, steel, building materials, textiles, etc.), coldstorage, hotels, to shopping centers spread across Jakarta, Banten, West Java, East Java, Central Java, Lampung, South and North Sumatra, and South Sulawesi.

Xurya Products

Xurya Daya Indonesia (Xurya) has several products, including solar-based energy solutions, which are applied to building roofs. In addition to installation and equipment services, the company is also developing an application platform to make it easier for asset owners to manage energy.

Moreover, Xurya also pioneered the method no investment (no investment) to switch to solar on a monthly fee model. In their implementation, their solution is based on one pintu, Xurya will help from the design process, equipment selection, licensing, construction to the selection of financing products for solar electricity customers.

In an interview, Eka said, "Amid the slowdown in PV mini-grid investment, we believe that commercial and industrial customers have become a bright spot for electricity investors in Indonesia, not only from a profit perspective, but more importantly from a climate impact perspective."

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In presenting their products, Eka admits that consumer education is one of the toughest challenges. Because there are still many companies and individuals who do not understand solar panels and many have the wrong idea about the electrical stability of PLTS. "The main target this year is to expand its business throughout Indonesia to offer go green solutions to more companies."

The opportunity for the development of Rooftop Solar Power Plants in Indonesia is very large, exceeding its potential capacity of 200 thousand megawatts. Currently, the cost of Rooftop PLTS components is lower than other renewable energies, but this market has not been fully utilized so that less than 150 megawatts have been installed throughout Indonesia.

Apart from Xurya, in Indonesia there are already several startups that have played in this realm. Some of them are Warung Energi, Weston Energy, Forbetric, Erenesia, Khaira Energy, and Syailendra Power. Most work on the potential of solar power.

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