ImpactAlpha, October 25 – Husk Power Systems was an early mover in off-grid energy, developing power systems fueled by rice husks, an agricultural waste stream, for disconnected rural communities in India. It pivoted its business as the costs of renewable and clean technologies has dropped, and digital tools have made it easier to connect with rural customers and understand their needs.
Husk has installed 200 mini-grids, reaching 500,000 people in India, Nigeria and Tanzania.
The company has raised $103 million in a mix of debt and equity from STOA Infra & Energy, the US International Development Finance Corp., Proparco, the IFC and the European Investment Bank to install 1,400 solar-biomass hybrid mini-grids in Africa and Asia. Husk is also building out additional business lines, including commercial and industrial rooftop solar and sales of renewable appliances that support rural livelihoods, such as small electric vehicles, agri-processing tools and cold storage.
Most of Husk’s growth focus is in Africa, where it plans to install 2,500 minigrids in six countries in five years.
The round included $43 million in Series D equity and $60 million in debt.