IEEE Smart Village
445 Hoes Ln, Piscataway, NJ, 08854, United States
Overview
IEEE Foundation is transforming lives through the power of technology and education. Established in 1973, IEEE Foundation is governed by the laws of the State of New York, USA. The “official” purpose as stated in the Certification of Incorporation is exclusively to further the scientific and educational purposes of IEEE. The Foundation is directed by a Board of 13 IEEE members with varying technical, geographic, professional backgrounds and operated by a staff of 10. The IEEE Foundation enables IEEE programs that enhance technology access, literacy, and education; supports the IEEE professional community; and inspires the generosity of donors.
- Total investments
- 1
- Lead investments
- 0
- Investments · 12mo
- 0
- Active investors
- 0
Sector focus
- Association
Investment portfolio
- Green Village Electricity
Participated · Grant · Sep 2015
GVE Projects (Green Village Electricity) deploys solar PV microgrids and a portable battery franchise model to deliver basic electricity services in off-grid Nigerian communities. The company has implemented smaller pilots, including a 6 kW PV microgrid in 2013 that powered lighting, phone charging, a health center and small appliances. The current project funded by this round will install three units of 24 kW PV solar-based microgrids to serve three off-grid villages, providing electricity to 200 homes in each village. GVE has received grants and awards in the past, including the Power Africa Off-Grid Energy Challenge and earlier prizes (a 2009 US$1,000 IEEE prize and a US$30,000 Bank of Industry/UNDP prize in 2012). Financially, GVE received an equity and debt investment of US$675,655.40 from the Bank of Industry and US$65,535.20 in matching funds from IEEE Smart Village, bringing total funding for this initiative to US$741,190.60; the CEO said this represents 90% of the total project cost. If the pilot is successful, the Bank of Industry plans to expand the program to 200,000 households (more than 1 million people) over the next five years.
Team
No current team members are available.