UAE-based solar energy startup Yellow Door Energy has added an extra $65 million to its kitty from its Series A round. Among the key contributors to the ongoing round are International Finance Corporation (IFC), Mitsui & Co. Limited, Arab Petroleum Investments Corporation, Adenium Energy Capital, and Equinor Energy Ventures.
Yellow Door Energy prides itself as one of the Middle East’s largest private placements in distributed solar.
The funding comes at a time when the company is achieving one milestone after another by doubling its revenue since last year and adding a number of globally renowned organizations to its client portfolio. These include multinational corporations dealing in retail, consumer goods, and logistics. Yellow Door Energy helps these organizations reduce their carbon footprint, energy cost, while simultaneously improving power reliability.
“The funding validates our company’s vision of powering emerging economies reliably, efficiently and sustainably. It enables us to scale our energy platform from the Middle East to Africa and Asia,” says Jeremy Crane, CEO, and Co-Founder of Yellow Door Energy.
Crane adds: ”We aim to build 300 megawatts of solar in the next 2 years, benefitting hundreds of businesses and the broader economy. We are excited that prestigious global investors believe in our company’s credibility, commitment, and customer-centric offerings.”
Erik Becker, IFC Manager of Infrastructure and Natural Resources in the Middle East and Africa, explained the reason for rallying up behind Yellow Door by saying that the solar energy startup makes a perfect candidate for competently addressing the lack of economic power supply in the region.
