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[FUNDING NEWS] Indonesia-Based Xurya secures $55 Million in Funding

PT Xurya Daya Indonesia , an Indonesian startup focused on renewable energy, has raised $55 million, with the Norwegian Climate Investment Fund administered by Norfund serving as the lead investor

British International Investment ,Singapore-based Clime Capital, which oversees Southeast Asia Clean Energy Fund II,Swedish government-backed Swedfund, and AC Ventures also participated in the round.

According to Xurya, it is the first renewable energy company in Indonesia to obtain direct finance from Swedfund, the Swedish Development Finance Institution, and the Norwegian Climate Investment Fund. Additionally, it was BII’s first equity investment in Indonesia with this transaction.

“With support from these world-class investors, we are not only going to continue producing innovations that will support a sustainable national energy transition, but we also aim to transform into a world-class company in the next few years,” said Eka Himawan, managing director of Xurya.

With the new money, Xurya should be able to grow its operations and cut 370,000 tonnes of carbon dioxide emissions a year. Over 170 solar projects have been installed by the company throughout the archipelago. In addition to creating more than 1,600 jobs, it has reduced annual carbon dioxide emissions by 152,000 tonnes.

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During its extended Series A round in 2022, the company raised $11.5 million from Mitsui & Co and Surya Semesta Internusa . In December 2021, it successfully raised $21.5 million in the first round of funding, which was led by East Ventures (Growth Fund).

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Xurya stated in a statement on Monday that it has received investments totaling more than 1.5 trillion rupiah ($88 million) to date.

About Xurya

Xurya is a renewable energy startup from Indonesia that is leading the zero-down solar switchover approach for a cleaner, brighter Indonesia.

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