Hydrobox has recently secured a strategic equity investment of $1.5 million by Fortis Green Renewables, a US-based renewableenergy investment firm, in a newly-formed joint venture.
The companies have committed to funding and developing an initial portfolio of eight mini-hydropower projects totaling 2.4MW of installed capacity, as well as all related grid infrastructure.
This 2.4 MW of small run-of-river hydropower projects will contribute to the diversification of the energy mix, delivering eco-friendly electricity to communities and businesses in need of reliable power. By leveraging the natural flow of rivers, Hydrobox provides a consistent and predictable source of power, reducing dependency on fossil fuels and mitigating carbon emissions.
The investment will result in an estimated 2,130 new connections, with approximately 9,000 beneficiaries, and will result in the creation of an estimated 250 new jobs.