Husk Power Systems, a startup focused on clean energy in Africa and Asia, has successfully raised $103 million in its Series D funding round.
This funding includes $43 million in investments and $60 million in loans, making it the largest investment of its kind for mini-grid technology, which helps provide electricity to remote areas.
Key investors in the Series D round are STOA Infra & Energy, the US International Development Finance Corporation (DFC), Proparco, Shell Ventures, Swedfund, and FMO. They provided equity funding. Meanwhile, the company secured debt financing from the European Investment Bank (EIB) and the International Finance Corporation (IFC).
Husk Power Systems, established in 2008, is well-known for its creative solutions in renewable energy and it is also recognised for its AI-powered platform for clean energy services.
Husk Power Systems view this substantial funding as proof of their leadership in providing clean power to rural communities with unreliable or no power grids in South Asia and sub-Saharan Africa. Their mini-grid systems aim to bring reliable, affordable, and modern electricity to areas with limited access.
Husk Power Systems has expanded its services over the years, including energy-efficient appliances, rooftop solar for businesses, e-mobility, agro-processing, and cold storage solutions.
They have a major initiative to deploy 500 solar mini-grids in Nigeria in the next five years, having already set up over 200 mini-grids in Nigeria and India. These mini-grids have served more than 10,000 businesses and reduced 25,000 tonnes of carbon emissions.
With this new capital, Husk Power Systems plans to expand further, aiming for 1,500 mini-grids with a strong growth rate.
They are also increasing their mini-grid presence in sub-Saharan Africa and are committed to reaching half a billion people with clean energy by 2030, primarily in Africa, through their “Africa Sunshot” initiative.
The initiative, announced during the inaugural Africa Climate Summit, sets ambitious goals to elevate the mini-grid industry’s efforts toward achieving Sustainable Development Goals (SDGs), including universal energy access. This could bring over $500 million in financing, supporting significant growth.
Thanks to this funding, Husk Power Systems is well-prepared to make a substantial impact on providing clean and affordable energy to regions with limited access.
Their innovative use of AI and IoT technologies promises to transform renewable energy and provide sustainable power to those who need it.