EverSource Capital

Eversource Capital is an impact investment firm based in Mumbai, India, established in 2018. The firm serves as the fund manager for the Green Growth Equity Fund, which received initial investment from India's National Investment and Infrastructure Fund and the Department for International Development. Eversource Capital focuses on financing sectors such as contracted power, distribution infrastructure, electric mobility, green finance, and renewable energy services. Its primary objective is to minimize and mitigate the adverse effects on ecosystems, communities, and the climate through strategic investments in sustainable projects within India.

Shishir Maheshwari

Managing Director, e-Mobility and Water Management

10 past transactions

Lithium Urban Technologies

Acquisition in 2022
Lithium Urban Technologies is a pioneering company in India that specializes in providing zero-emission transport services through its fleet of electric vehicles. Focused on sustainability, the company offers e-Mobility as a Service (e-MaaS), aimed at alleviating traffic congestion and reducing air pollution in urban areas. Lithium’s approach combines a robust technology platform for telemetry, geographic information systems (GIS), and transport management, which enhances scheduling, rostering, and analytics-driven optimization. The company is committed to social responsibility and continuous innovation, ensuring that its services not only meet consumer needs but also contribute positively to the environment. With trained and certified drivers, Lithium Urban Technologies positions itself as a leader in the transition to clean and efficient public transport solutions in India.

Ecofy

Acquisition in 2022
Ecofy is a non-banking financial company (NBFC) based in India that specializes in providing financial solutions exclusively for eco-friendly initiatives. The company offers a range of services, including loans, leases, and insurance, aimed at promoting sustainability and encouraging users to make environmentally responsible choices. Ecofy's platform focuses on green asset classes, such as electric vehicles, rooftop solar installations, and energy efficiency projects, thereby assisting businesses and individuals in reducing their carbon footprint. By prioritizing green financing, Ecofy plays a significant role in supporting the transition toward a more sustainable future.

Ayana Renewable Power

Private Equity Round in 2020
Ayana Renewable Power Private Limited is an energy generation company based in Bengaluru, India, founded in 2017. The company specializes in developing utility-scale solar and wind generation projects across India and its neighboring countries, including Bangladesh, Nepal, Bhutan, Myanmar, and Sri Lanka. Ayana aims to enhance renewable energy generation capacities to facilitate a transition to low-carbon power generation. In addition to generating electricity, the company focuses on creating job opportunities in the renewable power sector and fostering community development through skill enhancement and employment initiatives.

RWDC Industries

Series B in 2020
RWDC Industries Ltd is a Singapore-based company that specializes in the development and manufacture of medium chain length polyhydroxyalkanoate (mcl-PHA) biopolymers. Founded in 2015, RWDC produces biodegradable bioplastics suitable for a variety of applications, including food and beverage packaging, cutlery, drinking straws, cup lids, and even diapers. The company’s mcl-PHA biopolymers are derived from the bacterial fermentation of plant-based oils or sugars and are certified to fully biodegrade in soil, water, and marine environments, leaving no toxic residue. RWDC aims to provide sustainable alternatives to single-use plastics, allowing businesses to transition to more environmentally friendly materials while meeting their sustainability goals.

Origin Renewables

Acquisition in 2020
Origin Renewables specializes in rooftop solar energy solutions aimed at optimizing renewable energy generation while maximizing financial returns for its customers. The company offers a comprehensive suite of services, including design and engineering, financing, procurement, installation, and integration for various solar projects, such as rooftop installations and ground-mounted solar farms. In addition, Origin Renewables provides hybrid wind-solar systems, enabling corporate and commercial clients to effectively reduce their carbon dioxide emissions. By focusing on minimizing the overall life cycle costs of projects, Origin Renewables positions itself as a solution provider that collaborates with customers and technical partners to enhance cost benefits and financial outcomes throughout the asset's life cycle.

RWDC Industries

Series A in 2019
RWDC Industries Ltd is a Singapore-based company that specializes in the development and manufacture of medium chain length polyhydroxyalkanoate (mcl-PHA) biopolymers. Founded in 2015, RWDC produces biodegradable bioplastics suitable for a variety of applications, including food and beverage packaging, cutlery, drinking straws, cup lids, and even diapers. The company’s mcl-PHA biopolymers are derived from the bacterial fermentation of plant-based oils or sugars and are certified to fully biodegrade in soil, water, and marine environments, leaving no toxic residue. RWDC aims to provide sustainable alternatives to single-use plastics, allowing businesses to transition to more environmentally friendly materials while meeting their sustainability goals.

Ayana Renewable Power

Private Equity Round in 2019
Ayana Renewable Power Private Limited is an energy generation company based in Bengaluru, India, founded in 2017. The company specializes in developing utility-scale solar and wind generation projects across India and its neighboring countries, including Bangladesh, Nepal, Bhutan, Myanmar, and Sri Lanka. Ayana aims to enhance renewable energy generation capacities to facilitate a transition to low-carbon power generation. In addition to generating electricity, the company focuses on creating job opportunities in the renewable power sector and fostering community development through skill enhancement and employment initiatives.

EverEnviro Resource Management

Acquisition in 2019
EverEnviro specializes in waste management services, converting urban municipal waste, agro waste, and hazardous waste into biogas. The company employs advanced technologies like IoT to optimize waste management processes, contributing to sustainable waste disposal solutions.

GreenCell Mobility

Acquisition in 2019
Founded in Mumbai, Maharashtra in 2019, GreenCell Mobility specializes in providing clean and cost-effective shared electric mobility solutions. The company aims to be a leading player in India's transition towards electric vehicles, leveraging global expertise and the government's push for transportation electrification.

Radiance Renewables

Acquisition in 2018
Radiance Renewables is a rapidly growing renewable energy solution provider based in India. The company specializes in delivering tailored services for energy power developers, encompassing a comprehensive range of offerings such as project evaluation, customized design, engineering, procurement, construction, commissioning, and asset management. By providing multiple business models that cater to the specific needs of its clients, Radiance Renewables aims to maximize cost savings while ensuring compliance with applicable regulatory frameworks.
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