Powerhive announces completion of $20M financing round to support development of off-grid energy access solutions in emerging markets
BERKELEY, California, Jan. 26, 2016 /PRNewswire/ -- Powerhive, an energy solutions provider for emerging markets announced today that the company has closed a $20M Series A financing round, which will support Powerhive's expansion into new markets in Africa and the Asia-Pacific, 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 leverages its proprietary technology platform to develop and operate portfolios of renewable microgrids 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.
"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 comes on the heels of 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.
About Powerhive
Founded in 2011, Powerhive is a leading microgrid solutions provider and developer whose proprietary technology platform and business model enables the development, financing, and management of bankable solar microgrids in emerging markets. The California based company has offices in Nairobi and Manila, and received early backing from First Solar. To learn more, visit powerhive.com.
About Prelude Ventures
Prelude Ventures is a venture capital firm based in San Francisco that invests in highly innovative companies capitalizing on the significant market opportunities in the cleantech sector. Prelude focuses specifically on companies that can have a material impact on the carbon intensity of the global economy. Founded in 2009, the fund is flexible relative to the stage, size and structure of our investments. To learn more, visit preludeventures.com.
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