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Husk Power Systems Breaks Records with $43 Million Funding

Husk Power Systems Breaks Records with $43 Million Funding (PHOTO: Techeconomy)
Husk Power Systems Breaks Records with $43 Million Funding (PHOTO: Techeconomy)

In a significant development, Husk Power Systems has secured an astounding $43 million in Series D funding, shattering records in the minigrid industry.

Key investors that contributed to this historic funding round include STOA Infra & Energy, the U.S. International Development Finance Corporation, and Proparco, alongside enduring supporters like Shell Ventures, Swedfund, and FMO. Furthermore, Husk has effectively obtained an additional $60 million in debt from various financial institutions.

Manoj Sinha, Husk Co-Founder and CEO, commented on this remarkable milestone, saying, “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.”

The primary focus of this investment is to expedite the expansion of Husk’s minigrid network, particularly in Sub-Saharan Africa. Over the next five years, Husk plans to deploy 1,400 new minigrids, with nearly 300,000 new connections, a third of which will serve micro, small, and medium enterprises. This expansion is not only expected to create 2,500 new jobs but also substantially reduce carbon emissions by displacing diesel-based power generation.

Jean-Pierre Barral, Deputy CEO, STOA Infra & Energy, expressed their enthusiasm about the investment, stating, “STOA is excited to lead this equity investment in Husk and support the growth of the minigrid industry, which is key to achieving universal energy access and a low-carbon energy transition.”

Husk’s impressive track record includes a 20-fold growth in its fleet of solar hybrid minigrids, impacting the lives of over 500,000 people and providing support to more than 10,000 microenterprises. Despite the challenges posed by the COVID-19 pandemic, Husk managed to maintain a Compound Annual Growth Rate (CAGR) of 60% and achieved profitability in the fourth quarter of 2022, becoming the first minigrid company to do so.

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In a significant development, Husk Power Systems has secured an astounding $43 million in Series D funding, shattering records in the minigrid industry.

Key investors that contributed to this historic funding round include STOA Infra & Energy, the U.S. International Development Finance Corporation, and Proparco, alongside enduring supporters like Shell Ventures, Swedfund, and FMO. Furthermore, Husk has effectively obtained an additional $60 million in debt from various financial institutions.

Manoj Sinha, Husk Co-Founder and CEO, commented on this remarkable milestone, saying, “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.”

The primary focus of this investment is to expedite the expansion of Husk’s minigrid network, particularly in Sub-Saharan Africa. Over the next five years, Husk plans to deploy 1,400 new minigrids, with nearly 300,000 new connections, a third of which will serve micro, small, and medium enterprises. This expansion is not only expected to create 2,500 new jobs but also substantially reduce carbon emissions by displacing diesel-based power generation.

Jean-Pierre Barral, Deputy CEO, STOA Infra & Energy, expressed their enthusiasm about the investment, stating, “STOA is excited to lead this equity investment in Husk and support the growth of the minigrid industry, which is key to achieving universal energy access and a low-carbon energy transition.”

Husk’s impressive track record includes a 20-fold growth in its fleet of solar hybrid minigrids, impacting the lives of over 500,000 people and providing support to more than 10,000 microenterprises. Despite the challenges posed by the COVID-19 pandemic, Husk managed to maintain a Compound Annual Growth Rate (CAGR) of 60% and achieved profitability in the fourth quarter of 2022, becoming the first minigrid company to do so.

Techrectory with Agency Report.

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Written by Ayodeji Ayenuwa

Well, My name is there already, I'm a student of Adekunle Ajasin University, Akungba Akoko, studying Mass Communication: Public Relations and Advertising.

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