Series A equity funding for Husk Power Systems
LGT Venture Philanthropy (LGT VP) has provided Husk Power Systems
(HPS) with follow-on funding in the Series A round. The total size of USD 5m in equity was funded by LGT VP alongside other co-investors. “With the new capital HPS will be able to power the lives of over 10 million people in rural areas around the world”, says Gyanesh Pandey, Co-Founder and CEO of HPS.
HPS is a pioneer in developing and implementing a 100% biomass waste gasification process, generating electricity and distributing power directly to rural households in India. By now, the company has successfully installed 80 mini power-plants that serve over 200‘000 people in more than 300 villages.
“Through constant innovation in technology and operations, HPS has managed to crack a micro-grid model of rural electrification that can be scaled globally. With the new capital HPS will be able to rapidly expand its operations in India and East Africa. Through our local presence and networks around the world and especially in these regions, LGT VP looks forward to accompanying HPS in its ongoing growth journey”, says Inderpreet Chawla, Investment Manager of LGT Venture Philanthropy in India.