Husk Power Systems Secures US$43mn in Series D Funding to Electrify Rural Communities in Africa

Husk Power Systems (Husk), a leading provider of renewable energy services to rural communities in sub-Saharan Africa and South Asia, has closed $43 million in Series D funding. The new investment will help Husk to expand its fleet of solar hybrid minigrids eight-fold, adding over 1,400 new minigrids with a projected 300,000 new connections over the next five years.

The Series D funding round was led by new investors STOA Infra & Energy, the US International Development Finance Corporation (DFC), and Proparco. Existing investors Shell Ventures, Swedfund, and FMO also participated in the round. Husk has also leveraged the Series D equity to secure an additional $60 million in debt from finance institutions including the European Investment Bank (EIB) and the International Finance Corporation (IFC).

Husk’s minigrid platform uses artificial intelligence to automate the management of rural minigrids, which operate under extreme environmental and cost constraints. This has allowed Husk to provide access to 24/7 reliable power to some of the most underserved communities in a profitable manner.

Husk’s platform is having a significant impact on the lives of people in rural communities. The company has already electrified over 200 communities and impacted 500,000 people. Husk also serves more than 10,000 micro, small and medium enterprises (MSMEs).

The new funding will allow Husk to expand its reach even further. The company plans to build 1,400 new minigrids over the next five years, which will provide access to electricity to an additional 300,000 people. Husk is also targeting new markets across Africa and Asia.

Manoj Sinha, Husk co-founder and CEO, commented, “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.”

Brad Mattson, Husk board chairman, remarked, “The minigrid industry needs at least a 10X increase in its rate of deployment to achieve the World Bank’s target of 200,000 minigrids by 2030. Husk is now positioned to lead that growth and help to create an industrial revolution in rural Africa and Asia.”

Husk’s growth is particularly important in the context of the global energy transition. The company is helping to accelerate the adoption of renewable energy in rural areas, which is essential for achieving climate goals and reducing energy poverty.

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