According to this report on TechCrunch, OnGreen— a professional networking and collaboration website that connects clean tech entrepreneurs with potential investors— today announced that it has raised a $1.4 million series A investment of its own from a jointly owned fund between Blue Marble Ventures in Los Angeles, and China Southern Hong Kong Investment Ltd. (CSHK) in Shanghai.
According to OnGreen, “Green businesses are a tricky proposition. Even though the fundamentals of establishing and operating the business remain the same, its success is still untested territory. The supply demand curves meet much higher than that of a conventional business and are fixed to set up businesses such as those in GreenTech are quite high. The returns on an investment into green businesses are still unpredictable, making investors sometime think if they are investing for a profit or just because it is the right thing to do. Government agencies are still trying to ensure that the right amount of incentives are provided to give boost to new green businesses and technologies thus leading to job creation. The community knows that it is the right thing to do to go green but the solar panel they want to put on their roof is still not within their budget.”
There are some of the exact same issues that Panchabuta discusses here, and given that regulations and policy in India are just evolving and there are a lot of incentives and subsidies that are both central and state dependent leads to another dimension of complexity.
However some very big steps including the implementation of the National Solar Mission and the first phase of the JNNSM for solar and the special emphasis on off grid solar application and their specific uses in rural and remote regions of India have given rise to a lot of interesting opportunities.
We have had a number of ingenuous applications like solar cell phone chargers, pay per charge, rice husk power plants in villages in Bihar where you pay as you use, solar lanterns, etc that are making a huge difference in life style of rural India.
Panchabuta has recently mentioned that there is an active consideration by Indian government to ask telecom companies to install solar panels to generate backup power for cellphone towers. A proposal is being finalized by the ministry of new and renewable energy (MNRE) aimed at containing the use of polluting diesel generators to provide back-up power. Companies like Luminous has designed, manufactured and installed off-grid and grid connected wind-solar hybrid power plants as per this report.
According to TechCrunch, OnGreen CEO and founder, Nikhil R. Jain has mentioned that they would like to build their presence in India with this funding apart from other things.