Powerhive has completed the close of a US$20 million Series A financing round for its expansion into emerging markets including Africa and the Asia-Pacific for developments of off-grid energy solutions. The financing round will also support Powerhive’s microgrid solution penetration into Kenya’s rural places.
By leveraging its proprietary technology platform for develop, operate renewable energy facilities, Powerhive offers affordable, reliable and productive renewable microgrids/off-grid solutions in communities in emerging markets. The solutions provide long-term and scalable energy access to rural places, helping people living in remote or vulnerable places reach clean electricity. Such method will strengthen the people improve their lives by driving economic development, reducing energy poverty as well as building necessary infrastructure, which are vital for the people in terms of running clinics, schools and other facilities.
"We're thrilled to be working with such a diverse and well-respected investor base," said Powerhive CEO Christopher Hornor. "Each investor brings unique expertise and experience, which will prove invaluable as we advance our mission to provide clean energy access to millions of people around the globe."
The financing round was led by Prelude Ventures and was joined by Caterpillar Ventures, Total Energy Ventures, Tao Capital Partners, Pi Investments, and select other private investors. Besides, the financing round comes on the heels of an announcement last month that Powerhive received an $11M equity investment in the company's flagship project, which will serve approximately 90,000 people in western Kenya.
(photo source: Powerhive)