Acumen Fund Announces Investment in Husk Power Systems
Tuesday, March 2, 2010
New York, NY (PRWEB) March 2, 2010 — Acumen Fund, a nonprofit venture firm addressing poverty in South Asia and East Africa, today announced a new investment in Husk Power Systems (HPS), an innovative rural electrification company that will establish decentralized power generation to remote villages in India. The company uses novel biomass gasification technology to convert abundant rice husks into combustible gases, which then drive a generator to produce electricity. Acumen Fund invested US$375,000 in HPS, adding to the US$18 million Acumen Fund has already invested in India since 2001. The new investment continues Acumen’s commitment to investing in safe energy alternatives for the poor.
“As both developed and developing nations search for alternative sources of energy in response to the growing energy crisis, we at Acumen Fund believe that investing in entrepreneurs who provide innovative energy solutions is an increasingly critical part of the solution,” said Jacqueline Novogratz, CEO, Acumen Fund. “Companies like Husk Power Systems are working to impact positively not only the environment, but to ensure that someday everyone, including the poorest of the poor in rural India, will have access to clean and affordable electricity.”
Husk plans to set up 50 systems providing electricity to 125 villages by the end of 2010 with a long term vision of deploying 2000 plants reaching 5000 villages and over 20 million individuals, while creating 6000 jobs. HPS tackles the challenges faced by the rural villages in the region by providing clean, safe, and efficient electricity at affordable rates. A plant is installed along with low-voltage insulated wiring to each household, business, or farm, with Husk Power Systems charging subscription fees to each user according to the number and type of the electrical appliances they own.
“We pride ourselves in providing affordable and reliable electricity to rural areas at the lowest installation, distribution cost per watt and having intimate local knowledge and the expertise to manage relationships with each village,” said Gyanesh Pandey, Co-Founder and CEO, Husk Power Systems. “Our goal is to have our model help to deliver rural electrification to India’s villages and eventually to rural areas around the world.”