According to reports, IFC is planning to invest in Ecolibrium Energy Private Limited, a startup providing services and products in Smart Grid domain.
Ecolibrium is looking to raise upto $1.5 Mn, with IFC contributing to a large part of the capital raise. The company is looking to raise equity capital to expand its presence in the energy efficiency space by strengthening its product capabilities and reaching out to a larger customer base.
Ecolibrium Energy has been incubated at the Centre of Incubation, Innovation, and Entrepreneurship (CIIE), at IIM-Ahmedabad. It works with power distribution companies and large industrial customers in India.
Promoted by Chintan Soni and Harit Soni, Ecolibrium Energy provides technology platform to monitor and control electricity usage for commercial and industrial customers, thereby achieving energy efficiency. It began operations in August 2010 and currently has 15 employees.
The company has plans to extend to power grid infrastructure management and renewable project energy monitoring.
CIIE is also a stake holder in the company.
Ecolibrium Energy implemented the first smart grid pilot in the country in 2010, in participation with the Gujarat Government and Torrent Power Ltd. The company is the part of the Indian smart grid forum, led by Sam Pitroda, helping to design the smart grid framework for India.
In this space, Crompton Greaves Ltd, flagship company of Avantha Group has acquired ZIV Group, a smart grid automation company for Euro 150 Mn.