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Video on msnbc.com: Over 10,000 individuals and local businesses will now have access to dependable, reasonably priced electricity thanks to eight small hydro projects spread over four mini-grids in Kenya, thanks to US$9 million in debt investment acquired by Kenyan energy startup Hydrobox. In underprivileged areas, Hydrobox constructs, owns, and runs mini-grids. By providing affordable, dependable power through an independent grid, these mini-grids serve a variety of customers, including households, small enterprises like schools, hospitals, stores, and restaurants, and anchor clients like factories and farms.Summarized by AI Model:facebook/bart-large-cnn
Kenyan energy startup Hydrobox has acquired US$9 million in debt investment. Over 10,000 people will benefit from the investment, which will fund eight small hydro projects spread over four mini-grids. The projects will provide essential electricity to businesses and communities that want dependable, reasonably priced power.Over 10,000 individuals and local businesses will now have access to dependable, reasonably priced electricity thanks to eight small hydro projects spread over four mini-grids in Kenya, thanks to US$9 million in debt investment acquired by Kenyan energy startup Hydrobox. In underprivileged areas, Hydrobox constructs, owns, and runs mini-grids. By providing affordable, dependable power through an independent grid, these mini-grids serve a variety of customers, including households, small enterprises like schools, hospitals, stores, 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 containerised hydro power plants. Each device 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 program aimed at promoting access to clean energy in disadvantaged nations, Hydrobox has obtained a significant US$9 million loan 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 over four mini-grids and deliver electricity to about 2,582 dwellings. These projects will provide essential electricity to businesses and communities that want dependable, reasonably priced power. Utilising tiny local rivers, Hydrobox offers a locally sourced, sustainable power solution that decreases carbon emissions, lessens reliance on fossil fuels, and promotes job development through close, on-the-ground service that guarantees top-notch support.
“Our collaboration with reference investors FMO and ElectriFI acts as a mark of excellence and acknowledgement for the diligent efforts of our team over the past few years. We are well-positioned to significantly influence energy access throughout Africa, with a large pipeline of forthcoming projects in Kenya and the DRC, as well as strong partners on board. Our goal is to reach one million end customers by 2030. Thomas Poelmans, CEO and co-founder of Hydrobox, expressed gratitude to everyone who has encouraged and believed in the company’s path.
