Dutch Development Bank FMO Invests $5 Million in Husk Power

Minigrid Developer Husk Power Closes $43 Million In Series D Funding

Husk Power Systems has announced that Dutch entrepreneurial development bank FMO has invested USD 5 million in the company.

Bihar-based Husk Power Systems, a next-generation power company operating renewable energy minigrids in Asia and Africa, has announced that Dutch entrepreneurial development bank FMO has invested USD 5 million in the company.

The financing was also accompanied by FMO spotlighting Husk Power CEO Manoj Sinha as an “energy disruptor” in its latest publication, Future-Minded.

FMO Principal Investment Officer, Keesjan de Kruijf said “FMO considers minigrids as the key to unlocking a successful rural distributed energy sector, both off- and under-the-grid, as it brings affordable and reliable clean power to MSME’s and residential customers in rural areas in developing markets. Especially the 24/7 consistent supply of power is seen as key by MSME customers in reliably supporting their businesses for further growth.

“Husk’s relentless drive for cost efficiency and customer-centric business model ensures it is able to position itself both competitively and profitably, both of which are key enablers to truly scale this solution.”

The USD 5 million investment from FMO, which was deployed from its Infrastructure Development Fund, followed a USD 20 million investment in 2018 by Shell, Swedfund, ENGIE Rassembleurs D’Energies.

In its latest publication, FMO also spotlighted Husk Power, calling the company “the energy disruptors looking to move the needle” on energy poverty in rural Africa and Asia. It also featured the company in a video that shows how Husk is “bringing reliable, low-cost electricity to rural entrepreneurs.”

“We are honoured to have FMO as an investor and partner in Husk Power,” said Sinha. “Not only will the investment be a catalyst for Husk to achieve its ambitious minigrid roll-out plan, it gives us a partner with deep knowledge and experience in scaling innovative energy technology companies like Husk Power to focus on promoting productive uses of energy.”

Founded in 2008, Husk Power Systems is an advanced energy technology company that accelerates access to clean and affordable electricity in Africa and Asia by building and operating mini-grids. The firm claims that its grid-interactive solution not only supports national electrification plans but also catalyses productive uses of power.