Powerhive, an energy solutions provider for emerging markets, has announced it has raised US$20 million from a group of investors in a series A funding round.
The investment will support Powerhive’s global expansion and continued growth in East Africa, where the company has operated rural micro-grids since 2012.
Powerhive leverages its proprietary technology platform to develop and operate portfolios of renewable micro-grids that supply affordable, reliable and productive electricity to off-grid communities in emerging markets.
Powerhive’s long-term and scalable energy access solution drives rural economic development, reduces energy poverty and results in cleaner, more resilient energy infrastructure in some of the world’s most vulnerable communities.
The funding round was led by Prelude Ventures LLC with Caterpillar Inc., First Solar, Total Energy Ventures, Tao Capital Partners and Pi Investments participating.
“We are excited about our investment into Powerhive as it further positions Caterpillar as the go-to source for the complete micro-grid solution,” Caterpillar VP (who’s also responsible for the Electric Power Division) Steve Niehaus said in a press release made available to TechLoy.
He added, “No matter where our customers are in the world, they can turn to Caterpillar and our unmatched dealer network to integrate alternative energy solutions like solar and energy storage with our generator sets so they have a sustainable, reliable power solution that is fully supported for years to come.”
In December 2015, Powerhive announced plans to invest US$12 million to build and operate mini-grids in 100 villages in Kenya in partnership with Enel Green Power, a US-based company that develops and manage energy generation from renewable sources.
Founded in 2011 and headquartered in California, Powerhive has an office in Kenya, where it generates, distribute and sell electricity to the Kenyan public – the first private utility company to do so.
TECHLOY
No comments:
Post a Comment