Husk Power Systems, a clean energy company at the forefront of fueling rural electrification since 2008 and that announced plans to launch 500 solar mini-grids in Nigeria over the next five years, has raised $103 million Series D in equity and debt to meet its objectives.
In a statement, the 15-year-old cleantech said the investment cements its position as the leader in electrifying communities in rural Sub-Saharan Africa and South Asia with an AI-enabled platform of renewable energy services.
Per the World Bank, mini-grids have the potential to provide half a billion people with clean energy by the end of this decade (including those using overburdened grids) with the right policies in place.
Buoyed by this new capital, Husk Power will look to evaluate expansion into some of these markets over the next couple of years, including the Democratic Republic of Congo (DRC), Zambia and Madagascar; it has so far deployed over 200 mini-grids in Nigeria and India, according to co-founder and CEO Manoj Sinha.
According to Sinha, two-thirds of the financing will be dedicated to growing its Sub-Saharan Africa footprint to bring the number of mini-grids in the region on par with what has been deployed so far in India.
The company’s growth in various aspects of its business reflects the increasing opportunity in Africa’s cleantech space, which has rejuvenated the interests of local and global investors over the past 18 months.
The original article contains 1,340 words, the summary contains 233 words. Saved 83%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Husk Power Systems, a clean energy company at the forefront of fueling rural electrification since 2008 and that announced plans to launch 500 solar mini-grids in Nigeria over the next five years, has raised $103 million Series D in equity and debt to meet its objectives.
In a statement, the 15-year-old cleantech said the investment cements its position as the leader in electrifying communities in rural Sub-Saharan Africa and South Asia with an AI-enabled platform of renewable energy services.
Per the World Bank, mini-grids have the potential to provide half a billion people with clean energy by the end of this decade (including those using overburdened grids) with the right policies in place.
Buoyed by this new capital, Husk Power will look to evaluate expansion into some of these markets over the next couple of years, including the Democratic Republic of Congo (DRC), Zambia and Madagascar; it has so far deployed over 200 mini-grids in Nigeria and India, according to co-founder and CEO Manoj Sinha.
According to Sinha, two-thirds of the financing will be dedicated to growing its Sub-Saharan Africa footprint to bring the number of mini-grids in the region on par with what has been deployed so far in India.
The company’s growth in various aspects of its business reflects the increasing opportunity in Africa’s cleantech space, which has rejuvenated the interests of local and global investors over the past 18 months.
The original article contains 1,340 words, the summary contains 233 words. Saved 83%. I’m a bot and I’m open source!