ElectriFI provides financing to Rural Spark
Rural Spark is a Dutch company having successfully developed a disruptive sustainable energy solution distributed in unelectrified villages in North India. After several years of R&D, product development and testing, and gaining insights from the field they recently came up with high qualitative energy kits or solar home systems, containing of an energy source (a 40Wp solar PV), the energy router, “share cubes” (battery cubes), and several applications like lamps, TV and fans. These energy kits are compatible with the grid and they can also be interconnected between them via the “share cubes” to share and exchange energy surpluses. Rural Spark products allows villagers to become ‘Local Energy Suppliers’ (LES) through a hire & purchase model. The kit doesn’t actually cost them money but is a way to earn additional income. Typically, these are shopkeepers, housewives, communities, or vocational businessmen at the mid income/above mid income level. Each LES design its own business model and on average one LES serves approximately 10 households with charging/renting lamps and charging mobile phones.
ElectriFI will provide USD 100,000 in development financing to test and validate the distribution model of Rural Spark energy kits through rural distribution partners who already have activities in unelectrified or barely electrified villages. Typically, these partners range from NGOs, SHS distribution companies, MFIs. Current growth by Rural Spark is achieved by leveraging existing distribution networks of partners with enormous reach. The DF funding will go into supporting the testing and validation of the right distribution partners with a sample of at least 450 kits to be distributed. If ElectriFI would provide more funding to Rural Spark project, this development financing will be converted to a first down payment under a larger financing agreement.
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