The PACESetter fund is part of President Barack Obama and Prime Minister Narendra Modi's commitment to strengthening and expanding the U.S.-India Partnership to Advance Clean Energy (PACE). "The fund is a partnership between the two countries to provide grants to innovator to support energy testing solutions with a goal to provide viability of off-grid renewable energy businesses, " Verma said.
The grants will target companies that sell small scale clean energy systems to individuals and communities with limited or no access to grid connected power. The fund is all about supporting innovation. "We are relying on your scientific and business acumen in helping formulate new ideas of off-grid energy solutions. Small sparks that can scale up and make big changes," he added.
Verma pointed out that the structure of the fund allows greater flexibility in choosing projects as it might be a new finance model or cheap technology component or different mechanism to deliver energy services. "As long as it (innovation) resolves an improved commercial viability through sustainable off-grid renewable energy, we are interested. Do not be afraid to start small," he said.