Husk Power Systems receives $20 million investment
Husk Power Systems, one of the leading rural distributed utility company operating mini-grids in Asia and Africa, recently announced a US $20 million equity investment (This transaction is subject to customary conditions precedent including regulatory approvals) by Shell Technology Ventures LLC, Swedish development finance institution Swedfund International and ENGIE Rassembleurs d’Energies, ENGIE group’s impact investment fund. Husk is now positioned to accelerate its growth to develop what the International Energy Agency estimates as a $190 billion mini-grid market leading up to 2030.
The company currently designs, builds, owns and operates one of the world’s lowest-cost hybrid power plant and distribution network in India and Tanzania. It developed a proprietary system by combining and synchronising solar PV, biomass gasification system and batteries to deliver highly reliable, 24×7 power. It offers customers a flexible ‘pay-as-you-go’ energy service, using a mobile-enabled smart metering system. Along with its strategic investors, Husk is poised to grow rapidly over the next four years and envisions adding over 300 mini-grids in India and Tanzania, deploying 15 MW of 100 % renewable power plant assets that would eliminate 150,000 tons of CO2 per year (equivalent to eliminating 56 million litres of diesel per year). These mini-grids will serve over 100,000 customers.
Manoj Sinha, CEO and co-founder of Husk Power Systems, 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 percent 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 percent national electrification goals”.