Multiple global financiers have approved a US $20m equity investment in support of the mini-grid market both in Asia and Africa. Husk Power Systems attained the investment from Shell Technology Ventures LLC, Swedfund International and ENGIE Rassembleurs d’Energies.
According to the company’s CEO, Manoj Sinha the company is now ready to grow rapidly over the next four years.
Sinha further said that together with their strategic partners, they are now confident of achieving their vision of becoming the world’s largest rural utility company. They will provide 24/7, 100% renewable and affordable power to drive inclusive and sustainable development in growth markets.
Sinha believes that mini-grids are the most capital efficient way to help reach 100% national electrification goals. The company is 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.
According to the Vice President, Integrated Energy Solutions for New Energies at Shell , they believe that decentralized solutions will play an important role in providing productive energy to customers who currently lack reliable power. This investment is an important step for the Energy Access portfolio and we look forward to helping the business to scale and reach its growth aspirations.
Gerth Svensson, CEO of Swedfund further added that 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.