World Sustainability Day 2023: The cleantech company secures $103 million in series funding, marking a historic milestone in the mini-grid industry with grand ambitions to electrify Africa and South Asia
Husk Power Systems, a leading light in the cleantech world, has impressively scooped up $103 million during its Series D fundraising endeavour. A breakdown reveals $43 million in equity and a $60 million debt finance injection. Such a move propels the firm to the pinnacle of the mini-grid sector, having achieved the largest equity raise ever witnessed in this domain.
Since its birth in 2008, Husk Power Systems has become synonymous with innovative rural electrification. Its esteemed reputation for pioneering renewable energy solutions is unparalleled.
STOA Infra & Energy, US International Development Finance Corporation (DFC), Shell Ventures, Proparco, Swedfund, and FMO are leading the investment cavalry in the equity segment. On the other hand, heavyweight financial institutions such as the European Investment Bank (EIB) and the International Finance Corporation (IFC) have pledged their allegiance to the debt financing avenue.
Proudly wearing its AI-enabled crown, Husk Power Systems views this monumental capital boost as an affirmation of its supremacy in delivering pristine energy to rural pockets of South Asia and sub-Saharan Africa. The company's mini-grid marvels promise to electrify countless souls, especially in regions where the hum of electricity is a distant dream.
But Husk isn’t just about power. Their energy odyssey extends to green transitions, moving away from the clutches of fossil fuels. The company has morphed into a holistic energy provider, dabbling in energy-efficient appliances, commercial solar solutions, e-mobility, and even agro-processing.
One of Husk’s glittering goals is to roll out 500 sun-drenched mini-grids in Nigeria in half a decade. Their current tally stands impressively at over 200 grids, lighting up parts of Nigeria and India. Their green endeavours have breathed life into over 10,000 MSMEs and wiped out a whopping 25,000 tonnes of CO2.
With their war chest now overflowing, Husk Power Systems is plotting an aggressive expansion.
Their eyes are set on escalating their mini-grid count to 1,500 units. They're also gunning for a formidable compound annual growth rate (CAGR) of 60% and aiming to retain more than 90% of their customers.
But Africa holds a special place in their hearts. Their "Africa Sunshot" initiative is a testament to this, aiming to electrify the continent with 2,500 mini-grids spread across six nations in a mere five years. Such ambitions could funnel over £500 million in equity and debt for Husk, setting the stage for exponential growth.
With their Series D triumph, Husk Power Systems stands on the cusp of an electrifying future. Their blend of innovation, which mingles AI and IoT, could very well light up the lives of millions, painting a brighter, more sustainable future.