Kenya-based energy startup Hydrobox has raised $9 million in debt funding to accelerate the development of eight small-scale hydroelectric projects.
Harnessing energy from local rivers, the initiative will power four mini-grids, delivering reliable and affordable electricity to over 10,000 people and local businesses across Kenya. The company integrates cutting-edge IoT technology into its systems, enabling remote monitoring and management to enhance efficiency and minimize downtime.
The $9 million funding round included contributions from FMO, the Dutch entrepreneurial development bank, and EDFI Management Company, through its EU-backed ElectriFI initiative. ElectriFI focuses on expanding clean energy access in developing regions, making this investment a significant step toward tackling energy challenges in Africa.
Supporting Communities and Businesses
The funding will be used to advance Hydrobox’s eight hydroelectric projects, providing clean energy to 2,582 households and benefiting over 10,000 individuals. The initiative is poised to address the electricity needs of communities and small businesses, driving economic opportunities while promoting environmental sustainability.
Thomas Poelmans, CEO and co-founder of Hydrobox, expressed his gratitude for the investment and its implications for the company’s growth.
“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,” he said.
Scaling Energy Access in Africa
With a vision to transform energy accessibility in Africa, Hydrobox is setting a benchmark for innovative and sustainable power solutions. This funding marks a significant milestone in their mission to empower underserved communities through clean, reliable energy, contributing to regional development and global sustainability goals.
