Husk Power Systems develops and operates decentralized solar-hybrid mini-grids to provide reliable, affordable electricity to remote communities, households, and micro, small, and medium-sized enterprises. The company has leveraged prior funding to implement solar microgrids that have illuminated 80 communities previously without electricity. Husk was founded in 2008, is based in Fort Collins, Colorado, and employs between 201–500 people. It has raised a total of $147.2M to date and has attracted institutional backers such as EDFI Management Company and Electrifi. Management has emphasized expansion of the company’s mini-grid footprint in India using recent financing. Husk has been recognized externally, including being named one of Fast Company's 50 Most Innovative Companies in the World. Husk Power Systems develops and operates solar mini-grids and rooftop solar systems for households, small businesses and commercial and industrial customers. The company currently operates over 20 mini-grids across Nigeria and plans to establish at least 500 mini-grids in the country over the next five years. Husk also sells appliances and is expanding value-added services including agro-processing and e-mobility. The company announced $20 million in debt financing from the European Investment Bank to expand its Nigerian operations; this financing is part of a larger $100 million Series D disclosed in October 2023. The funds will be used to construct community solar mini-grids, install rooftop C&I systems, expand appliance distribution, and grow service offerings. The financing is the first instance of a mini-grid company accessing corporate-level debt and is the largest debt financing ever secured for mini-grids in Sub-Saharan Africa. Founded in 2008, Husk Power Systems builds and operates solar mini-grids and an AI-enabled platform that combines electricity sales with financing and sales of energy-efficient appliances, C&I rooftop solar, e-mobility, agro-processing and cold-storage services. The company sells devices through an e-commerce and customer-facing app that supports digital payments, usage monitoring and demand optimization. Husk has deployed over 200 mini-grids (188 in India and 12 in Nigeria), served more than 10,000 MSMEs and avoided 25,000 tonnes of CO2 to date. It reports a CAGR of 60%, retention above 90%, a team of 500+ employees and became EBITDA positive in Q4 2022. Over the next five years Husk projects serving 300,000 new connections, avoiding 350,000 tonnes of CO2, and expanding its fleet toward 1,500 mini-grids across Africa and India. The company is pursuing an “Africa Sunshot” to install 2,500 mini-grids and expects to mobilize $500M in equity and debt to fund that initiative, with potential consideration of an IPO by 2027.

Total raised

$127M

Funding rounds

4

Latest round

Equity

Latest activity

May 2024