Powerhive completes $20M off-grid energy financing round
February 3, 2016
Berkeley based emerging markets energy technology company Powerhive has completed a $20M Series A financing round to support Powerhive's expansion into new markets in Africa and the Asia Pacific region, as well as continued growth in Kenya where the company has operated rural microgrids since 2012.
Prelude Ventures led the round, which also includes participation from Caterpillar Ventures, Total Energy Ventures, Tao Capital Partners, Pi Investments, and select other private investors.
Powerhive employs its proprietary technology platform to develop and operate portfolios of renewable microgrids designed to supply affordable, reliable, and productive electricity to off-grid communities in emerging markets. Powerhive's long-term and scalable energy access solution aims to drive rural economic development, reduce energy poverty, and lead to cleaner, more resilient energy infrastructure in some of the world's most vulnerable communities.
"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."
"Powerhive has developed a unique platform and business model to address one of the fastest growing electricity markets in the next decade energy access in emerging markets. Bringing sustainable and scalable electricity to these communities will be life changing for millions of people," said Prelude Ventures managing director Tim Woodward. "We're very excited about partnering with the company, a global investor syndicate and partners like Enel to scale the Powerhive opportunity."
The financing round follows 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. As the company has demonstrated at its existing microgrids, Powerhive's electricity service supports the use of productive equipment and vital community services such as health clinics and schools.