Pomona Impact Invests in Energy-as-a-Service (EaaS) Co
Pomona Impact has invested $1,000,000 of equity in Hybrico, a Guatemalan-based, Energy Service Company (ESCO) that offers cost-efficient and environmentally-friendly Energy-as-a-Service (EaaS) for major telecom companies in Latin America. It’s first meaningful project was with TIGO Honduras in 2016. It provided services to off-grid and bad-grid cell tower sites throughout Honduras and then leveraged its experience to refine its offering and product line, positioning the company well to participate in the growth of the ESCO sector, which grew by 5.5x globally from 2015 to 2020.
It took several years for telecoms in Latam to fully recognize the cost savings and operational advantages of leveraging the EaaS model – however today, demand is surging. Hybrico has been awarded contracts by Tigo, Claro, Telefonica and more in Honduras, Colombia, Chile and Peru. And as these same telecoms issue new RFPs for EaaS and BaaS in new countries in the region, Hybrico’s track record and reputation has established the company as a clear favorite for new contract awards. In 2021 alone, Hybrico has grown the number of sites under contract by 7.4x from 2020 – and growth is projected to accelerate as more telecoms look to leverage the model regionally.
Companies that own and manage cell towers (in order to lease space to telecoms) have also taken notice and began to seek out the support of EaaS and BaaS providers with Hybrico on the short-list of players invited to submit proposals. The fall in the cost of solar panels and batteries is generating even greater cost advantages every year, further driving up demand for Hybrico’s product offerings.
Juan Jose Estrada Toledo, co-founders of Hybrico said, “Hybrico has held Pomona in high regard for several years. We value their local presence and expansive network of relationships with investors in Latam. We are pleased to have Pomona in the cap table and count on them as partners.”
Rich Ambrose, Managing Partner of Pomona Impact, said “We (Pomona) are thrilled to be investors in one of the most innovative companies developed and launched out of Central America that is making its clients more competitive and driving meaningful environmental impact for the region and beyond.”
The environmental benefits are also exciting. For each tower that transitions away from diesel generators to Hybricos clean energy solutions (with solar panels and lithium ion batteries), the company is able to reduce approximately 62 metric tonnes of CO2 per year per tower. With Hybrico’s plans to scale to five thousand towers in the next 5 years, they will be able to prevent hundreds of thousands of metric tonnes of CO2 from entering the atmosphere. Eventually this may even translate to further economic reward through the sale of carbon credits.
About Pomona Impact
Pomona Impact Fund II (“Fund II”) invests in dynamic Small Growing Business (SGBs) across Central America, Mexico, Colombia, and Ecuador to deliver compelling financial returns and help companies scale their impact profitably. Fund II works closely with Pomona Impact Foundation, an affiliated organization with the goal to develop and grow the local entrepreneurial ecosystem through acceleration and incubation programming that prepares early stage companies to engage investors.
For businesses interested in applying for an investment from Pomona Impact Fund II, please submit an application here.