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Series A funding for Indonesia’s solar start-up Xurya upped to $33 million
Japan’s Mitsui & Co and Indonesian construction firm Surya Semesta Internusa invest in solar power start-up.
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This solar PV installation on the Plaza Indonesia shopping mall in Central Jakarta, pictured at an unspecified date, was installed by solar power start-up Xurya. (Xurya/Xurya)
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T Xurya Daya Indonesia (Xurya), a solar power rental and installation start-up, received an additional Series A funding from global trading and investment company Mitsui & Co (Mitsui) and PT Surya Semesta Internusa Tbk (SSIA).
The move follows a US$21.5 million received in initial Series A funds from East Ventures Saratoga, Schneider Electric and New Energy Nexus in December 2021.
Read also: Solar start-up Xurya bags $21.5m in series A funding
It brings the total funds obtained in Series A to $33 million, the start-up announced in a press release on Monday.
"The funding will be allocated to support the expansion of solar power development to accelerate the clean and sustainable energy transition for companies in Indonesia,” Xurya managing director and co-founder Eka Himawan was quoted as saying in the release.
Xurya plans to use part of the funds for technological developments and additional staff.
Eka added that their participation was also a way for Mitsui and Surya Semesta Internusa to reach out to potential customers in Indonesia.
The government has announced a target to lift the share of new and renewable energy in the country’s energy mix to 23 percent by 2025.
Rooftop solar power is still in its infancy in Indonesia with an insignificant but quickly growing contribution to overall electricity generation. According to the Energy and Mineral Resources Ministry, a total of 70 megawatts in on-grid solar rooftop capacity was installed as of September this year.
Read also: Rooftop solar panels, are they worth it?
Xurya, which was founded in 2018, said its business was growing rapidly and it now operated rooftop systems in more than 60 companies. The start-up offers installation, operation and maintenance of solar systems through rental schemes for building owners.
While most of Xurya's projects to date are rooftop installations for corporate clients, the company was "open to" utility-scale solar plants and was also "planning to do residential as well in the future," Xurya spokesman George Hadi Santoso told The Jakarta Post on Monday.
Hiromu Kayamori, general manager of the new downstream business division of Mitsui, said, “We aim to contribute to Xurya's growth and Indonesia's decarbonization by leveraging our expertise cultivated all over the world and extensive networks in Indonesia.”
SSIA president director Johannes Suriadjaja was quoted as saying in the same release that the funding was underscored by the company’s “commitment to creating an inclusive and sustainable industrial area in Indonesia”.
The development of industrial areas, aside from commercial and hospitality real estate, is part of the company’s core business activities.
