Waaree Renewable Technologies Ltd, the solar EPC arm of Waaree Energies, today announced a strategic investment in Smart Joules, India’s largest Cooling-as-a-Service (CaaS) and energy efficiency company.
Waaree Renewable Technologies Ltd, a solar EPC arm of Waaree Energies, today announced a strategic investment in Smart Joules, India’s largest Cooling-as-a-Service (CaaS) and energy efficiency company.
Speaking on this investment, Viren Doshi, Executive Director, Waaree Renewable Technologies, said: “Our investment in Smart Joules reflects Waaree’s commitment to building a broader Energy Transition platform. We see energy efficiency and Cooling-as-a-Service as pivotal to shaping a sustainable future and a fast-emerging global model, especially in markets like India, Southeast Asia, and MENA.
This investment underscores our focus on backing innovative Climate Tech companies with not just capital, but also strategic partnerships and long-term support—guided by a founder-first approach to help visionary teams scale transformative businesses.”
Rajesh Sharma, head-Investments and Growth, Waaree Group, said,: “We believe that Cooling-as-a-Service (CaaS) is emerging as a major global business model, driven by rising demand for cooling, climate change, and the shift to pay-per-use efficiency models. India, Southeast Asia, MENA, and parts of Africa & Latin America represent the largest future markets, while US/EU remain niche but premium segments. We are confident Smart Joules is well-positioned to capture a significant share of this opportunity.
Sharma added, “Our conviction extends well beyond climate technology. We actively explore opportunities across SaaS, Deep Tech, AI, fintech, electronics & manufacturing, logistics & transportation, data centers & cloud infrastructure, and consumer technology.
Smart Joules operates across three verticals: JoulePAYS cooling-as-a-service/energy savings for existing buildings and factories, JouleCOOL cooling-as-a-service for new facilities, and DeJoule AI-driven automation platform for energy savings and efficiency. The company partners with hospitals, industries, and commercial buildings to deliver energy savings while reducing carbon emissions. It is backed by investors like ADB Ventures, Nadir Godrej, and Saket Burman, Smart Joules.
Arjun P. Gupta, founder & CEO, Smart Joules, “Waaree’s leadership in renewable energy and its global network will significantly accelerate our growth journey. Together, we aim to expand Cooling-as-a-Service and AI-driven efficiency solutions to a wider customer base, ensuring industries, hospitals, and businesses can access sustainable cooling without upfront costs.”
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