India-based Husk Power Systems (HPS), with operations in India , raised an undisclosed amount of second round funding from Shell Foundation to expand its operations for its biomass electrification technology, which converts rice husks into electricity.
Previously, the company raised $235,000 from a number of business plan competitions (Massachusetts Institute of Technology, Dell, University of Virginia and Texas) as well as an additional $250,000 from Draper Fisher Jurvetson and Cisco. HPS currently owns and operates 35-100 kilowatt mini plants that generate electricity for 2,000 to 4,000 villagers in Champaran, Bihar.
HPS’s five pilot projects—which electrify five villages with three power plants—became profitable within six months. HPS is also working with the Indian government on receiving a Clean Development Mechanism certification for selling carbon credits generated at its plants. More