Solar startup Xurya scores additional funding from Mitsui, SSIA

Xurya Daya Indonesia (Xurya), a solar power rental and installation startup, received additional series A funding from global trading and investment company Mitsui & Co., Ltd. (Mitsui) and PT Surya Semesta Internusa Tbk (SSIA).

The total funds obtained through series A reached $33 million or equivalent to IDR 510 billion on October 20, 2022.

Xurya’s Managing Director and Co-Founder, Eka Himawan said, “We appreciate the trust given by Mitsui, Surya Semesta Internusa, our partners, and Xurya customers. 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.”

According to Eka Himawan, Xurya plans to allocate funding for the expansion of solar power development have tripled since the beginning of 2022.

In addition, these funds will be used for technological developments and adding human resources to boost the company’s performance in accelerating the implementation of renewable energy for clean and sustainable energy in Indonesia. Especially at this time, the Ministry of Energy and Mineral Resources (ESDM) has targeted the new and renewable energy mix to reach 23% by 2025.

Xurya, which previously received Series A funding of US$ 21.5 million in December 2021 from East Ventures (Growth fund), Saratoga, Schneider Electric, and New Energy Nexus, has now received additional funding from Mitsui and PT Surya Semesta Internusa Tbk (SSIA), bringing the total funding to $33 million.

Xurya received critical early-stage capital from Singapore-based SEACEF, a fund of Clime Capital dedicated to preparing promising clean-power businesses for larger-scale investment.

By the end of September 2022, Xurya’s business has grown very rapidly and now operates Rooftop Solar Power in more than 60 companies and is currently installed in more than 40 other companies.

Xurya helps companies in Indonesia to use solar energy without any investment, by providing added value for commercial and industrial building owners (C&I), starting from investment feasibility studies, installation, operation and maintenance on a regular basis by providing rental schemes for building owners to enjoy savings electricity without investment.