Indonesia’s Xurya Receives US$21.5 mil Series A led by East Ventures and Saratoga
By Digital News Asia January 12, 2022
- Existing investors Schneider Electric, New Energy Nexus Indonesia follow-on
- Operating 57 Rooftop Solar Power Plants, building in 38 other locations
PT Xurya Daya Indonesia (Xurya), a renewable energy startup with a focus on Rooftop Solar Power Plant rental in Indonesia, announced series A funding of US$21.5 million (RM87 million). This series A funding round was led by a venture capital firm, East Ventures (Growth fund), and PT Saratoga Investama Sedaya Tbk with the returning participation of existing investors Schneider Electric and New Energy Nexus Indonesia.
The funding will go to the continued construction of Rooftop Solar Power Plant which has tripled in 2021, while assisting the company in achieving its long-term vision to become a leader in providing technology and solutions for clean and sustainable energy.
Rooftop Solar Power Plant (PLTS Atap) is one of the initiatives supported by President Joko Widodo to reduce dependence on the use of fossil fuel energy. PLTS Atap can provide solutions for the availability of clean, environmentally friendly, and sustainable energy in Indonesia.
"We appreciate the support and trust given by investors, partners, and customers to help us accelerate the transition to a new renewable energy future in Indonesia since Xurya was founded 3 years ago," said Eka Himawan (pic), Managing Director of Xurya Daya Indonesia.
Eka added, in addition to continuing the construction of Rooftop Solar Power Plant which has grown rapidly throughout 2021, they will also allocate funding for the development of technology and talent, to accelerate the transition to a clean energy environment immediately.
East Ventures and Saratoga have a broad portfolio of investments into early-stage and growth startups across a wide range of industries, including social and environmental industries. The participation of East Ventures, a venture capital firm that is sector-agnostic and a pioneer in venture capital in Indonesia, having supported more than 200 companies in Southeast Asia, strengthens its support for Xurya's commitment to developing the renewable energy landscape in Indonesia.
Roderick Purwana, Managing Partner of East Ventures said, “East Ventures believes that investing in the right companies matters, not only in terms of profit, but also in regards to the social impact. As one of the pioneers of a venture capital firm adopting an ESG approach to investment, we are delighted to be able to support the Xurya team from the very beginning of their journey to create a c and protect the earth, our biggest platform."
Saratoga, who also led this funding round, is a leading active investment company with more than two decades of experience and expertise in investing in the Indonesian and Southeast Asian markets.
resident Director of Saratoga, Michael Soeryadjaya said, "This investment is a good opportunity for Saratoga to strengthen support in the New & Renewable Energy (NRE) technology sector which is now one of the priority energy sources to be developed by the Indonesian government. The very rapid growth of Rooftop Solar installed capacity in the last three years proves that the need for the NRE technology industry is increasing in Indonesia."
By investing in Xurya, Saratoga aims to help accelerate the government's efforts to achieve its target of the NRE mix to 23% by 2025 and 31% by 2050.
This funding is also supported by New Energy Nexus Indonesia which throughout 2021 has completed its investment in five renewable energy companies in Indonesia and Schneider Electric, as a leading in the digital transformation of energy management and automation, through Schneider Electric Energy Access Asia (SEEAA) making its first investment in renewable energy startups in Indonesia to Xurya.
By 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 (foods and beverages, consumer goods, agriculture, automotive, steel, building material, textile, etc.), cold storages, hotel, shopping center, spread across Jakarta, Banten, West Java, East Java, Central Java, Lampung, South and North Sumatera, and South Sulawesi.