Greentech Lead India: Ecolibrium Energy, Ahmedabad-based energy management solutions company, has received $1.6 million from Infuse Ventures and International Finance Corporation (IFC), VCCircle reported.
IFC, through its recently-created Cleantech Innovation Facility, put in $1 million, while the remaining $0.6 million came from Infuse. This is Infuse’s debut investment, the report said.
Ecolibrium Energy will utilize the funds to strengthen their solutions offerings for energy optimization, renewable integration, smart micro grids and demand response space.
More than 300 million people in India are living without electricity. In India, power loss at transmission and distribution level ranges from 26 percent to 60 percent. The financial loss caused due to this is estimated up to 1.5% of the national GDP.
According to an estimate by Ministry of Power India has a power deficit of 12 percent and a peak power deficit of 15 percent to 18 percent.
The existing system of power distribution also does not provide real time consumption data to consumers, which can allow them to manage their consumption in a real time fashion, thus reducing the energy theft, losses and wastage, Ecolibrium said.
Ecolibrium works with utility companies and private housing complexes. The company provides smart grid solutions and energy management solutions including distributed renewable generation, wireless energy monitoring and tracking.
The company is running several projects across the country for customers including Ministry of New and Renewable Energy (MNRE), Torrent Power, Fiat and Mitsui.