A cleantech business aiming to electrify South Asia and Africa, secures USD 103 million in series D funding, a momentous moment in the mini-grid industry

Husk Power Systems, a cleantech company, has secured USD 103 million in their recent Series D fundraising endeavour, a significant step in their energy odyssey. This funding breakdown includes a substantial USD 43 million in equity and an additional USD 60 million injection of debt finance. With this substantial financial backing, the company now leads the mini-grid sector.

Since it was established in 2008, Husk Power Systems has been pioneering innovative solutions in rural electrification and renewable energy.
Notable contributors to the equity segment of the investment include STOA Infra & Energy, US International Development Finance Corporation (DFC), Shell Ventures, Proparco, Swedfund, and FMO. Meanwhile, heavyweight financial institutions such as the European Investment Bank (EIB) and the International Finance Corporation (IFC) have lent their support to the debt financing avenue.

Embracing their AI-enabled capabilities, Husk Power Systems interprets this substantial capital infusion as a validation of their leadership in delivering clean energy to rural areas in South Asia and sub-Saharan Africa. The company’s mini-grid solutions hold the promise of electrifying numerous communities where access to electricity remains a distant dream.

Expanding beyond power generation, Husk Power Systems has evolved into a holistic energy provider, branching into energy-efficient appliances, commercial solar solutions, e-mobility, and agro-processing.
One of the ambitious goals of the company is to deploy 500 mini-grids in sun-soaked Nigeria within the next five years, building upon their impressive current tally of over 200 grids, which have already illuminated regions in Nigeria and India.

Their environmentally friendly efforts have positively impacted over 10,000 Micro, Small, and Medium-sized Enterprises (MSMEs) and reduced CO2 emissions by an impressive 25,000 tonnes.

The company is now gearing up for an aggressive expansion strategy. Their objectives include increasing their mini-grid count to 1,500 units, achieving a robust Compound Annual Growth Rate (CAGR) of 60 per cent, and retaining more than 90 per cent of their customer base.
However, Africa remains a focal point of their aspirations.

The “Africa Sunshot” initiative reflects their commitment to electrifying the continent with 2,500 mini-grids spanning six nations over the next five years. Such endeavours have the potential to secure over £500 million in equity and debt for Husk, paving the way for exponential growth.

With the success of their Series D funding, Husk Power Systems stands at the brink of an electrifying future. Their innovative approach, blending artificial intelligence (AI) and the Internet of Things (IoT), has the potential to illuminate the lives of millions, painting a brighter and more sustainable future.