Start-up receives $20m investment to drive micro-grid deployment in India and Africa

Start-up receives $20m investment to drive micro-grid deployment in India and Africa

Start-up receives $20m investment to drive micro-grid deployment in India and Africa Energy Storage Journal

 

Micro-grid start-up Husk Power Systems received $20 million in an equity investment that included cash from fossil fuel giant Shell and utility company Engie, the firm announced on January 15.

The money was invested through Shell’s corporate venture fund Shell Technology Ventures, alongside Swedish development finance institution Swedfund International and French firm Engie Rassembleurs d’Energies, Engie group’s impact investment fund.

Husk aims to accelerate growth and its market reach in the micro-grid industry, which is set to reach 7.6GW by 2024 from 2015’s 1.4GW level, according to Navigant Research.

That growth includes plans to add more than 300 mini-grids in India and Tanzania, deploying 15MW of 100% renewable power plant assets.

Hus has two plants in Asia, one a 1.75MW in India and another 200kW plant in Tanzania, a country that is converting five mini-grids to a hybrid power plant system.

Manoj Sinha, CEO and co-founder of Husk said: “We believe that mini-grids are the most capital efficient way to help reach 100% national electrification goals.”