ON/OFF : The Micropower Blog.

PRESS RELEASE: OMC Secures Funding to Reach 3+ Million People

INDIA’S OMC POWER SECURES FUNDING TO REACH 3+ MILLION PEOPLE WITH RENEWABLE POWER

Delhi, India, 15 October 2014OMC Power today announced that it has secured major funding from Singapore-based renewable energy fund Energy Investment Tech Pte. Ltd.

Established in 2011, multi-award-winning OMC Power has transformed the provision of electricity in rural India into a commercially viable, sustainable and scalable business.

To date, OMC Power has financed, built and now operates 20 Micropower Plants in villages in Uttar Pradesh (India’s most populous state with 200+ million residents) where the electricity grid will never reach.

Every day OMC delivers thousands of pre-charged LED lanterns, electric bikes and portable PowerBoxes to homes and small businesses. The PowerBoxes – portable power sockets – are used to power a variety of electrical appliances including mobile phones, LED lights and fans.

OMC Power also supplies green electricity to the telecom towers of India’s three major telecom infrastructure companies, including Bharti Infratel, which have been able to instantly turn off the diesel generators currently powering their remote and rural telecom towers – saving large amounts of fossil fuel and curbing emissions.

The investment from Energy Investment Tech will enable OMC Power to build 200 Micropower plants in Uttar Pradesh which will reach 3+ million people in more than 6,000 villages.

Justin Guay, who leads the International Climate Programme at the Sierra Club – the largest and most influential grassroots environmental organisation in the US, has been following OMC’s progress for three years.

He says ”I have seen the growth of this company since the early days and am a big supporter of the team at OMC Power. They’ve pioneered an innovative business model for rural electrification which is commercially, environmentally, and socially sustainable. I also congratulate Energy Investment Tech on its cutting edge investment in the rapidly growing beyond the grid solar markets.”

Since launching OMC Power has received numerous accolades:

  • The World Economic Forum named it as 2014 Technology Pioneer – recognising OMC Power as one of the most innovative technology start-ups with the potential to transform the future of business and society
  • At The Global Telecoms Business Innovation Awards in 2013 OMC Power was awarded the ”Best Consumer Service Innovation Award”
  • In May 2013 OMC won the Climate Group’s off-grid energy competition
  • Also in 2013 OMC Power was the winner of the “Operational Excellence – Tower Development” category at the annual awards of The Economic Times, India’s leading business newspaper. These awards recognise outstanding Indian companies, leaders and entrepreneurs.

Anil Raj, CEO and co-founder of OMC Power, says ”Aside from vastly improving quality of life and stimulating economic growth and prosperity in rural areas, providing power to the 1+ billion people around the world who live and work off-grid is a huge global commercial opportunity. We have made good progress and look forward to the next stage in our growth path thanks to this capital investment from a much-admired frontier market investor.”

Rohit Chandra, COO and co-founder, OMC, says ”The focus of traditional utility companies in India has always been on connecting urban and manufacturing areas whilst supplying electricity to rural communities has been done in a piecemeal way by various small, not-for-profit organisations. We are filling this huge gap in the market and have found a way to reach a substantial part of the 400 million rural Indians still lacking energy access.”

Related info:

Related videos:

 

Related documents:

Share
Share

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.