Kenyan energy startup Hydrobox raised $9 M Debt funding to aid eight hydro projects
Over 10,000 people and local businesses will now have access to dependable, reasonably priced electricity thanks to eight small hydro projects spread across four mini-grids in Kenya, thanks to US $9 million in debt funding secured by Kenyan energy startup Hydrobox.
In underprivileged areas, Hydrobox constructs, owns, and runs mini-grids. By providing accessible, dependable power through an independent grid, these mini-grids serve a variety of customers, including households, small businesses like schools, hospitals, shops, and restaurants, and anchor clients like factories and farms.
Construction costs are reduced, production times are shortened, and deployment in remote, difficult-to-reach locations is made easier by containerized hydro power plants. Each unit is outfitted with cutting-edge IoT technology that allows for remote monitoring and management, increasing productivity and decreasing downtime.
Through ElectriFI, an EU impact investment facility aimed at promoting access to clean energy in developing nations, Hydrobox has obtained a strategic US $9 million debt investment from EDFI Management Company and FMO, the Dutch entrepreneurial development bank.
Over 10,000 people will benefit from the investment, which will fund eight small hydro projects spread across four mini-grids and provide electricity to about 2,582 households. These projects will provide essential electricity to businesses and communities that require dependable, reasonably priced power. Utilizing small local rivers, Hydrobox offers a locally sourced, sustainable power solution that lowers carbon emissions, lessens reliance on fossil fuels, and promotes job creation through close, on-the-ground service that guarantees top-notch support.
“Our partnership with reference investors FMO and ElectriFI serves as a quality label and recognition for the hard work our team has put in over the last few years. With strong partners on board and a substantial pipeline of upcoming projects in Kenya and the DRC, we are well-positioned to make a meaningful impact on energy access across Africa, aiming to reach 1,000,000 end-users by 2030. We thank everyone who has believed in and supported our journey,” said Thomas Poelmans, CEO and co-founder of Hydrobox.
