Husk Power Systems on Wednesday, October 24 announced that it has closed over $ 100 million in Series D funding, the largest-ever equity raise in the minigrid industry.
The funding cements Husk’s position as the leader in electrifying communities in rural Sub-Saharan Africa and South Asia. The company uses an AI-enabled platform of renewable energy services.
“Today we announced the largest-ever financing in the minigrid industry, securing $100mln from leading investors to electrify 1,400 new communities in rural Sub-Saharan #Africa and South Asia,” Husk Power stated
The equity funding includes new investors STOA Infra & Energy, the US International Development Finance Corporation (DFC) and Proparco, as well as existing investors Shell Ventures, Swedfund and FMO.
Currently, Series D equity investors, who collectively deploy more than $10 billion annually, include STOA Infra & Energy, US International Development Finance Corporation, and Proparco.
In addition, Husk has leveraged the Series D equity to secure an additional $60 million in debt from several finance institutions. Some of the financial institution include the European Investment Bank (EIB), and the International Finance Corporation. (IFC).
“We have successfully created and scaled a rural energy platform that is life-changing for our communities from day one. We’re excited to put this new equity and debt to work to supercharge Husk’s growth and unlock the full economic and social potential for a generation of rural Africans and Asians, especially women and youth, that would otherwise be left behind.” Manoj Sinha, Husk Co-Founder and CEO stated
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Husk Power Initiative’s
Since raising $25 million in equity funding in 2018, Husk has grown its fleet 20-fold. This is more than 200 solar hybrid minigrids across two continents.
Husk power has also impacted 500,000 people. It has also served more than 10,000 micro, small and medium enterprises (MSMEs).Two-thirds of the newly announced financing will go toward Sub-Saharan Africa. The funding will mark an important first step to achieving the Africa Sunshot goals.
The positive impact has helped Husk power to avoid 25,000 tonnes of CO2. These has made it to achieve CAGR of 60% despite two years of Covid pandemic. The Company has also maintained exceptional customer loyalty with a retention rate of more than 90%.
Husk power systems has also became the first minigrid company to become EBITDA positive in Q4 2022. The Company has so far built a team of more than 500 employees. The new funding will be used to grow Husk’s fleet 8-times. This will be in addition of more than 1,400 new minigrids with a projected 300,000 new
About Husk Power Systems
Founded in 2008, Husk power systems has becomethe leading net-zero energy company serving rural Asia and Africa.
The company is now the owner and operator of the largest fleet of community solar minigrids across the two continents.
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Its smart and sustainable solutions accelerate access to modern and affordable electricity and enable rural economic growth and social well-being.
Husk power systems focuses on the customer satisfaction and the growing aspirations of rural businesses and households.
The Company has also its grid which provides intearable solution supports national rural electrification plans.