Multiple global financiers have approved a $20 million equity investment in support of the mini-grid market both in Asia and Africa.A rural distributed utility company specialising in the mini-grids market, Husk Power Systems, attained the investment from Shell Technology Ventures LLC, Swedfund International and ENGIE Rassembleurs d’Energies.
Swedfund invests in Husk Power Systems, to accelerate electrification of rural parts of Africa & Asia, and support Husk in its vision to drive inclusive and sustainable development by providing renewable and affordable power @huskpower @Shell @ENGIEgroup https://t.co/vll2Uwn4Ye pic.twitter.com/fZYRVAqw7A
— Swedfund (@Swedfund) January 16, 2018
The company’s CEO and co-founder, Manoj Sinha stated that the company is now poised to grow rapidly over the next four years and envisions adding over 300 mini-grids in India and Tanzania, deploying 15MW of 100% renewable power plant assets. Read more...
Sinha said: “Together with our strategic partners, we are now confident of achieving our vision of becoming the world’s largest rural utility company providing 24/7, 100% renewable and affordable power to drive inclusive and sustainable development in growth markets.
“We believe that mini-grids are the most capital efficient way to help reach 100% national electrification goals.”
The company boasts to be the first company to use 100% biomass gasification from rice husks to generate electricity for households and small businesses.
Hybrid powered mini-grid system
Husk has since evolved its business model and launched the world’s first hybrid powered mini-grid system that provides grid compatible 24/7 and highly reliable power to customers.
Vice President, Integrated Energy Solutions for New Energies at Shell commented: “We believe that decentralised solutions will play an important role in providing productive energy to customers who currently lack reliable power. This investment is an important step for our Energy Access portfolio and we look forward to helping the business to scale and reach its growth aspirations.”
Gerth Svensson, CEO of Swedfund added: “Access to reliable electricity drives development and is essential for job creation, women empowerment and combating poverty. The private sector plays a central role when electrifying the rural areas of developing countries.”
Featured image: Stock