Husk Power Systems, a Bihar-based company that runs micro power plants on agricultural waste, has raised Series A equity financing of $5 million (Rs 27 crore) from co-investors Bamboo Finance, Acumen Fund, and LGT Venture Philanthropy.
Acumen Fund and Bamboo Finance led the new round of financing. In July 2009, Draper Fisher Jurvetson (DFJ) and Cisco invested $0.25 million in the company, which had also received $0.74 million from Acumen Fund and Oasis Fund in March 2010.
The next month, the firm raised $1.25 million from IFC. DFJ and Cisco are to remain invested in the company having converted their investment into equity.
Husk Power has a 100 per cent biomass waste (rice husk/straw and other crop straws and so on) gasification process for generating electricity and distributing power directly to rural households.
Currently, it has installed 80 mini-power plants that serve over 200,000 people in more than 300 villages.