Powerhive raises $20 million for off-grid development in emerging markets


California-based Powerhive, a microgrid solutions provider and developer focusing on emerging markets, has raised $20 million after closing a Series A financing round aimed to support its expansion into new markets in Africa and Asia Pacific.

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.

"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," said Powerhive CEO Christopher Hornor.

Powerhive uses its proprietary technology platform to develop and operate portfolios of renewable microgrids that supply affordable and reliable electricity to off-grid communities in emerging markets. Powerhive will continue to increase its activities in Kenya, where it has operated rural microgrids since 2012, while also looking to expand its operations in new regions.

"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 comes in the wake of an $11 million investment last month that Powerhive received in its flagship project, which will serve approximately 90,000 people in western Kenya, where Powerhive's electricity service supports the use of productive equipment and vital community services such as health clinics and schools.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.