Social venture capital investor Acumen has invested an undisclosed amount in a Pune-Boston-based Promethean Power Systems Inc., a refrigerated solutions provider.
Acumen said in a statement that it has invested in a startup from its Pioneer Energy Investment Initiative – a $20 million fund focusses on firms working in the energy sector.
Jiten Ghelani, chief executive at Promethean, said the investment would help the company to accelerate the adoption of its energy-efficient cold chain solutions across India and other markets, and also expand its cooling-as-a-service offerings.
“Our technology eliminates dependence on diesel for cooling and enables access to reliable refrigeration,” he added.
Acumen India investment team member Ishan Mishra said Promethean’s thermal battery-based solutions was making refrigeration a viable option in villages with poor quality of electricity supply. The firm’s India director, Mahesh Yagnaraman, said that Promethean's technology was helping farmers improve their supply chain efficiency.
Promethean says it has installed more than 1,200 bulk milk coolers, rapid milk chillers, and mini cold rooms for dairy and food processing companies such as Hatsun Agro, Amul, ITC and Parag. The company says it is also aiming to become an end-to-end cold chain solutions provider.
Its primary solution is the Promethean Thermal Storage System, which provides features such as backup cooling power, instant cooling power and load shifting, among others, according to its website.
Acumen says it has 17 years of experience investing in companies serving low-income communities across South Asia, Africa and South America. Its India arm has made 33 investments across sectors since its operations in the country began in 2008.
Companies in its India portfolio include Edubridge, Drishtee, Asian Health Alliance and Avani Bio Energy, among others.