Singapore-based venture capital fund Prestellar Ventures has committed an initial $1 million investment to solar products and Internet-of-Things company ThirdWave Power Pte. Ltd (TWP).
The fund plans to invest a total of $3 million into the Singapore-head quartered energy firm, according to an official statement.
In late July, Prestellar Ventures had raised $100 million from four general partners with plans to invest in tech-enabled startups in South Asia and ASEAN working in hospitality, consumer, financial services, and rural products and services.
Its general partners include CG Corp Global, a billion-dollar conglomerate from Nepal, India’s micro finance institution Satin Creditcare, PE firm Frontline Strategy that is an experienced investor in Indian growth capital, and N.E. Group, a family business conglomerate from Nepal.
TWP product range includes solar-powered low energy consumption lights, solar charging systems, including power banks as well as micro-grid batteries and inverters, and off-grid IOT solutions such as pay-as-you-go smart solar home systems.
Apart from a financial investment, Prestellar Ventures is also helping the company to expand into the Indian subcontinent. It will assist TWP in setting up local manufacturing and R&D facilities in India and links to on-the-ground distribution partners to sell the company’s products across the subcontinent.
”TWP is a growing company which can address a huge need in India’s burgeoning off-grid power needs by combining the power of Solar and IOT in a cost-effective manner,” said Atim Kabra, partner in Prestellar Ventures and the Founder of Frontline Strategy Ltd.
TWP plans to use the distribution reach of Prestellar Ventures’ General Partners for its expansion into Nepal.