Domestic manufacturing in the solar space has always been a sore point in India. The government has also launched the PLI (production-linked incentives) programs to boost domestic manufacturing. Co-founder, Shobit Rai while sharing his vision for the company, said, “Prozeal intents to be India’s most bankable clean energy company.”
Prozeal currently is sitting on a closed EPC (engineering, procurement and construction) order book of close to Rs 2000 crore, it will be completing this in FY 2023-24 and also plans to hire another 150-200 engineers for expanding its footprints in renewable energy asset development and for distributed green hydrogen generation.
The last 12 months have been very tough for the entire infra industry due to fluctuating commodity prices. At Prozeal, client relationship is an integral part of the company principles and have ensured to give the best services to them.
Fundraise And Future Plans
Recently in February 2023, Prozeal raised USD 4 million in Series A from Alchemie Ventures for an 8 per cent stake. The company plans to go for the next round by June 2023 which will be between USD 10-15 million before going for an IPO round on the NSE main board to raise around USD 50-60 million.
The funds will be moved used for developing assets in renewable energy, working capital for EPC business, and development of green hydrogen and sustainable future fuels to meet the industry demands.
Spread Across Length and Breadth
Prozeal operates in the commercial and industrial (C&I) segment to help MNCs and corporates to do renewable energy projects ( Solar, Wind-Solar Hybrid and distributed Green Hydrogen) to reduce their power bills and also achieve their net zero goals.
It operates on a park model with ready plug-and-play infra across the country majorly in states like Gujarat, Maharashtra, Karnataka, Tamil Nadu, Rajasthan and Madhya Pradesh.
The company also has over 650 MW of solar projects commissioned across 18 Indian states and more than 50 electric vehicle charging stations installed in its dedicated Procharge application.
In terms of business growth trajectory, the company is growing two times Y-O-Y and FY 2022-23 is no different. Rai discloses, “We have achieved not only achieved our revenue targets but also our EBITDA numbers which are more critical to keep the company bankable.”