Solfium: a positive balance

2023 was consolidated as a great year for distributed generation in Mexico. This practice, focused on the decentralized production of electricity through sustainable resources, experienced a remarkable momentum throughout the country. During the first half of the year, the Energy Regulatory Commission announced the successful installation of 325 Megawatts (MW) in residences, businesses and companies. This is equivalent to providing solar energy to around 208,000 homes with average electricity consumption. This achievement represents a remarkable growth of 17.75% compared to the same period last year. However, this progress is not surprising, as since 2007 we have witnessed a steady increase accumulating a total installed capacity of 2,955 MW.

In this context, Solfium also experienced an exceptional period in the course of 2023, recording a 300% increase in sales. Our dedication to the installation of industrial, commercial and residential projects, which have focused on the effective reduction of CO2 emissions, has positioned us as key agents to support large corporations in decarbonizing their value chain. Our new partners and clients include ABB, Grupo Mexico, Liverpool, Mabe, Michelin, Santander, SCANIA and SUZUKI. In addition, we established strategic partnerships that have allowed us to expand our impact and address more ambitious challenges. Through our strategic collaboration with MEXICO2, the Mexican carbon platform subsidiary of Grupo Bolsa Mexicana de Valores, we seek to expand the carbon market nationwide. Our objective is to trade the emissions reductions generated by solar projects, thus strengthening our commitment to the environment. Our alliance with Scotiabank adds an innovative component to the market. The introduction of its "Hipoteca Verde" product, focused on transforming Mexican households into more sustainable homes, will grant preferential mortgage rates with the installation of Solfium systems. 

Solfium's active participation in industry events provided an invaluable platform for sharing knowledge, innovations and solutions related to sustainability challenges and goals. Our prominent presence as panelists at events such as the Mexico Carbon Forum, Mexico Business Summit, Climate Economy Forum, Canadian Manufacturing Day, Latam Mobility / Net Zero & ESG Mexico Summit 2023, Foro de Transformación Digital 2023, Foro Internacional de Energía Sustentable and Mexico Solar Summit has strengthened our network and kept us at the forefront of the latest trends and developments in the industry. Another significant event that left an outstanding mark over the course of 2023 for Solfium was the successful completion of our financing round, an event we commemorated at the prestigious Bolsa Institucional de Valores (BIVA) in Mexico City. 

For Solfium, 2023 also marked a proactive involvement in international accelerator programs such as the UK government-backed Climate Finance Accelerator, the Google for Startups Accelerator, and Norway's Katapult Climate Accelerator. These initiatives have provided Solfium with valuable opportunities to gain knowledge, refine strategies, and establish meaningful connections with prominent industry leaders. This strategic approach has solidified our position and ability to address challenges and seize opportunities in the dynamic solar energy landscape. 

Finally, Solfium's deep-rooted commitment to sustainability has been the subject of several awards. These include our selection as one of the 500 outstanding projects in the 10th edition of the Green Awards 2023, the Google 100 PRO, a recognition of the most promising startups in Latin America, and our inclusion in the select list of Foresight Canada 2023. The latter recognition highlights the most attractive cleantech companies for investment in Canada, driving the transition to Net Zero.

This 2023 has been exceptional and significant for Solfium. The attractive outlook for solar energy in Mexico and the commitment of the presidential pre-candidates to drive distributed solar generation reinforces our conviction in the path we have chosen. In addition, Mexico's reinforced commitment at the United Nations COP28 meeting to accelerate decarbonization offers an encouraging outlook for the sector. 

At Solfium, we eagerly anticipate the opportunities that 2024 has in store as we continue to drive the adoption of solar energy and look forward to more people and companies joining this positive shift towards a more sustainable future.