Microgrid technology and project development company Powerhive announced this week that it has received $20 million in investment through a Series A financing round. à‚
The funds are intended to support the US-based firm’s expansion into new markets in Africa and Asia-Pacific, as well as continued growth in Kenya where it has operated rural microgrids since 2012. à‚
According to Powerhive, its technology platform and business model enable the development, financing, and management of solar microgrids in emerging markets. The technology includes cloud-based remote monitoring and control software, a smart meter and a site analysis tool (pictured).
In December the firm received an $11 million equity investment from Italy’s Enel Green Power in a Kenyan solar mini-grid project planned to total 1 MW. The project, to be built in the western counties of Kisii and Nyamira, is expected to serve around 90,000 people.
Investors named in the latest financing round include Caterpillar Ventures, Total Energy Ventures, Tao Capital Partners and Pi Investments.