Solar microgrids developer Powerhive raises USD 20m

January 26 – Powerhive, a California-based renewable microgrids developer and operator, said today it has closed a USD-20-million (EUR 18.5m) Series A financing round led by Prelude Ventures.

The company plans to use the money to support its expansion into new markets in Africa and the Asia-Pacific region and to continue its growth in Kenya. Powerhive currently has offices in Nairobi and Manila.

Other participants in the latest funding round include Caterpillar Ventures, Total Energy Ventures, Tao Capital Partners and Pi Investments. One of the company’s early backers is First Solar.

In early December, Italy’s Enel Green Power and Powerhive announced they have partnered to build and operate solar mini-grids totalling 1 MW in 100 villages in western Kenya. The USD-12-million project will serve about 90,000 people in the region.

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