Vortex Engineering, a company focused on developing sustainable products for rural India, decided to develop an ATM to meet this segment’s banking demands. The ATM is powered by solar energy consumes just 4 per cent of the total energy that is required by a conventional ATM to function. It has the capability to serve Indian villages — indicating an opportunity for over half a million ATMs across the country.
IIT Madras worked in collaboration with Vortex Engineering to develop a low-cost and reliable solution that would address the concerns of the rural population.
IFC had announced last week that it will invest $2 Mn inthe Chennai based company.
According to reports, at the annual design exposition – Ripples – students of the Centre for Product Design and Manufacturing (CPDM), IISc showcased their creative best.
Of the many innovations, ‘Surajjal’, a portable pumping device run by solar energy, grabbed many eyeballs.
Aesthetically appealing, the device is a dream come true for those who want to own their own pumping system, said Harrangad Singh Bhalla, one of its creators. The two-man team has been approached by a company about the possibilities of developing the device further.