ElectriFI doubles down on Husk Power Systems with $4 mn investment, accelerates clean energy access – The Economic Times
Husk Power Systems, a provider of decentralized solar-hybrid minigrids, and ElectriFI, the EU-funded impact investment facility managed by EDFI Management Company on Monday confirmed Husk’s securing of an additional $4 million in debt financing from ElectriFI.
This builds upon ElectriFI’s initial $6 million investment in September 2022.
Rodrigo Madrazo, CEO of EDFI Management Company, said, “Our initial investment not only provided Husk with essential capital, but also served as a strong validation of their business model, attracting further significant investment.”
ElectriFI’s continued investment underscores its confidence in Husk’s experienced management team. Their proven track record and effective business model position Husk for continued growth and positive social and environmental impact.
Manoj Sinha, Co-Founder and CEO, Husk Power Systems, said in a statement, “In total, the $10 million from EDFI MC is an important enabler for Husk to scale its minigrid footprint in India, and achieve an even greater impact on tens of thousands of lives and livelihoods.”
Husk has delivered reliable, clean electricity to remote communities, households, micro, small and medium-sized enterprises (MSMEs) and factories in rural areas without grid connection or where the grid is not providing reliable electricity.
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Corentin Billiet, Senior Investment Manager, EDFI Management Company, who led this transaction added, “Husk’s impressive track record in delivering clean, reliable energy to remote communities is truly inspiring. We are confident that this additional investment will empower Husk to expand its reach and create a lasting positive impact on rural India.”
Husk’s AI-powered energy platform, centered around community solar minigrids, provides 24/7 renewable power to households, commercial customers, institutions and small factories. It also delivers a range of other products and services, including e-commerce and credit-financing of branded appliances for home and commercial use, as well as community-based solutions for e-mobility and the agricultural value chain.
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