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Sungrove Energy Inc.

Location: Richmond Hill, ON

Sector: Clean Tech .

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Sungrove Energy Inc. primarily operates in the Indian market through its following directly controlled subsidiaries.

 

(a) Leanway Energy Pvt Ltd which has been in operations since 2010.

(b) Sungrove Energy Pvt Ltd which is in operations since 2015.

(c) It also intends to acquire a controlling stake in Photonix Solar Pvt Ltd, a Solar panels manufacturing company which has been in operations since 2009. All documentation have already been executed for this acquisition and portion of the proposed financing raised will be utilized in completion of this transaction.

 

Prime objective of the Group is to become an provider of comprehensive PV solar energy solutions including design, manufacture, and sell PV solar modules and also develop, design, construct, and sell PV solar power systems both on CAPEX and OPEX basis primarily using the modules manufactured by us. Additionally, we also provide operations and maintenance (”Ö&M”) services to system owners that use solar modules manufactured by us or by third-party manufacturers.

Business Documents

MG cp Summary

EPC CAPABILITY:

  • Have experience of installing over 20 MW of retail Rooftop PV System – Design, Installation and Commissioning and providing engineering consulting to more than 100 MW large utility scale projects.
  • Have experience of installing over 250,000 LPD for Solar Water heater system (SWHS).

MANUFACTURING CAPABILITY:

  • Has an ISO 9001:2008 and 14001: 2004 certified manufacturing facility composed of 2 modern state-of-the-art production lines, both imported from Europe, for manufacture of PV modules. Total annual installed capacity of around 40MW.
  • Has patented Solar PV powered insect trap in 2017 under the brand name “Buzz Zap” and have already sold over 1,000 units.

Canadian Company:
This is an unique opportunity for international investors to invest in an Canadian entity and participate in one of the largest market of solar industry in the World without having to worry about currency risks, International tax laws and other issues associated with doing business globally. All currency risks associated with the investment would be substantially mitigated by Sungrove Energy Inc. through its enterprise level hedging programs.

 

Ability to own the entire value chain:
There would be handful of companies within India who would happen to own the entire value chain in the solar industry comparable to Sungrove Energy Inc. Most competitors of Sungrove Energy Inc. are either Solar panel manufacturer or EPC Contractors doing EPC on Capex basis or Solar developers doing pure financing under OPEX model. However, once the proposed financing transaction is completed, Sungrove Energy Inc. will become a comprehensive solution provider to its customers having manufacturing capability, EPC capability and Solar projects finance provider. This strength will be immense importance for future growth and valuation of the Company.

 

Market Understanding:
Sungrove Energy Inc. has been operational in the Indian market since 2009 through its controlled subsidiaries. Over the years they have gained enormous amount of market understanding and knowledge typical of Indian solar market and have designed processes to fulfill these requirements of the market. This expertise would be particularly beneficial in an scenario where it now seeks to scale up its operations.

 

Key Management Team: 
The management team of Sungrove Energy Inc. is composed of professionally qualified Engineers and Chartered Accountant having several years of business experience of successfully running businesses and turning them around both in India and Internationally. Furthermore, they have experience working with International investors and fully understand their objectives and are very conversant with the performance parameters set for monitoring such type of investments.

 

Wide Product Range:
Sungrove Energy Inc. has a very wide range of solar related products. Apart from providing comprehensive rooftop solutions under CAPEX and OPEX model, it also has other products such as solar water pumps, solar powered insect traps, Water heaters EPC business and Engineering consulting business for large utility scale projects. Solar Water Pumps and solar powered insect traps in particular have immense growth potential. There would be very few competitors of Sungrove Energy who would offer such wide range of products.

 

Great Value Proposition: 
The proposed financing is Series A financing raised by the Company and a significant stake in return is being offered to investors on account of it being its first round of financing. As already exhibited by some of the competitors of Sungrove who were more aggressive with capital raising that there is a huge scalability opportunity in future rounds of financing. This should translate into substantial increase in valuation for investors participating in the Series A financing. For instance, Canada Pension Plan recently acquired a mere 6.3% stake in Renew Power Ventures Pvt Ltd for US$ 144 Million. Renew Power Ventures Pvt Ltd was founded in 2011, and is a pure Solar power developer. In contrast, Sungrove Energy Inc.’s is offering significant stake despite the fact that its subsidiaries have been in solar business since 2009 and Sungrove Energy Inc. essentially owns the entire value chain offering a great early stage investment value from the investors perspective.

Vinay Kamat, Founder & Director
Vinay Kamat co-founded Sungrove Energy Inc. in 2015 to expand the footprints of its Canadian holding company in India. Vinay has held series of senior financial roles in his 25 years career and has worked with several multinationals globally and two of the Big Four accounting firms. In his most recent position as Corporate Controller at Martinrea International, a $4 Billion TSX listed auto ancillary company, he has been involved with raising capital, evolving key financial and tax strategies and providing strong financial leadership at the Corporate Office. At Sungrove Energy Inc., Vinay is responsible for evolving key strategies of the Group, has overall responsibility for smooth operations and also primarily accountable for the finance function of the Group. Vinay has earned his Certified Public Accountancy designation both from Canada and United States and is also a Chartered Accountant from India. Further, he holds Bachelor of Commerce degree from Mumbai University in India.

 

Shrirang Chandekar, Founder & Director
Shrirang Chandekar co-founded Sungrove Energy Inc. in 2015 to expand the footprints of its Canadian holding company in India. Shrirang is responsible for all technical and manufacturing initiatives of the Group, building of technical teams, smooth and timely implementation of all projects that Sungrove Energy undertakes. He brings a wealth of manufacturing experience to Sungrove Energy having worked for several years with Powertrain HQ of General Motors in Michigan as an assembly systems design and production advisor. At General Motors, Shrirang was heavily involved with Engine assembly process design and management, benchmark manufacturing systems, Layout design and implementation of principles of Lean Six Sigma. He is currently the CEO of Leanway Energy Pvt Ltd, the manufacturing and EPC business execution arm of Sungrove Energy Inc. Shrirang is an Mechanical Engineer and has done his Masters in Industrial Engineering from University of Toledo. Shrirang is also a certified Black Belt holder of Lean Six Sigma methodology.

 

Ajay Gupta, Founder & Director
Ajay Gupta co-founded Sungrove Energy Inc. in 2015 to expand the footprints of its Canadian holding company in India. Ajay is responsible for all key marketing initiatives of the Company, building of in-house marketing teams and setting Channel partner relationships. He brings a wealth of knowledge and experience to Sungrove having worked for over 18 years with Industrial Solutions Division of General Electric Canada both as Technical Director and Channel Sales Director. Ajay has worked on major Infrastructure projects in Canada and around the world. His expertise in electrical system designs has helped many consulting firms to implement system designs using the latest state of art technologies in electrical distribution. He has been instrumental in developing the sales channels in Canada for GE Electrical Distribution. Currently he is associated with GE to market their products in commercial and industrial segments. Ajay is an Electrical Engineer and is an active member of Institution Of Engineers. Ajay has also done his undergraduate in Computer Sciences and Masters of Business from Columbia Southern University, Alabama.

 

Harry Dhaliwal, Strategic Advisor
Harry joined the Sungrove Team in 2016 with the objective of offering strategic advice and direction to the Company and providing industry network analysis to identify opportunities. Currently, serving as a WORLD VISION ambassador to India and a former Canadian Citizenship Judge Harry (Harjit) Dhaliwal is a business professional with a progressive and diverse set of experiences of setting up and owning small and medium size businesses, providing consultations, community services and civic involvements. He has been awarded Diamond Jubilee medal for his services to the community and nation by Government of Canada. He has served the society by getting involved with wide range of service clubs, communities, business organizations and youth initiatives. To name few, he has been past President of Erin Mills Lions Club and has also served on United Way board. Judge Dhaliwal holds B. Tech Degree in Agricultural Engineering from Punjab Agricultural University, Ophthalmic Dispensing Diploma from Seneca College and Real Estate Broker Licence Toronto Real Estate Board.