Aegeus Technologies has raised an undisclosed amount in venture debt from Caspian Debt. The funds will be utilized for working capital and expansion, furthering the company’s mission to revolutionize the operation and maintenance (O&M) of solar plants through advanced technology.
Revolutionizing Solar O&M
Aegeus Technologies, founded in 2017 by Suraj Vernekar and Nishith Shah, is at the forefront of integrating robotics, artificial intelligence (AI), and machine learning (ML) into the solar industry. The company’s flagship product, the Intelligent Waterless Solar Panel Cleaning Robots, has been installed in over 8GW of solar plants across India. These robots not only eliminate the need for water in cleaning solar panels but also reduce manual effort, enhancing both efficiency and return on investment for solar plant operators.
Investment for Growth
The venture debt secured from Caspian Debt will provide Aegeus Technologies with the necessary working capital to scale its operations. The company is poised to expand its innovative solutions to more utility-scale and rooftop solar installations, as well as to advance its predictive monitoring technology for the health of solar modules and vegetation management around solar panels.
“The face of the solar sector in India is evolving dramatically with technology transforming its every facet. Waterless technology will save a lot of water and manual effort, bringing enhanced return on investments and efficiency in solar panel cleaning,” said Suraj Vernekar, co-founder of Aegeus Technologies. “This funding will enable us to accelerate our growth and continue to innovate in the solar O&M space.”
Strategic Partnership
The transaction was facilitated by Innoxpark Ventures Pvt Ltd, a firm founded by Jyoti Prakash, which played a crucial role in connecting Aegeus Technologies with Caspian Debt. This strategic partnership underscores the growing interest and investment in sustainable and technologically advanced solutions within the solar industry.
