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Tuesday, Nov 12th

Solar tech firm raises US$20-million for East African expansion

Solar tech firm raises US-million for East African expansion.

Powerhive, a micro grid solar technology company has announced that it has raised US$20 million for its expansion in East Africa.

The company has a proprietary technology that helps regulate and analyse energy consumption mostly targeted at emerging markets. It also installs smart metres in communities and has a cloud service to support account management and control the these metres.

Companies including First solar, Total Energy Ventures and Tao Capital Partners have invested in Powerhive, with Caterpillar Ventures, a subsidiary of Caterpillar Inc., leading the round.

According to Caterpillar Ventures, "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."

Caterpillar's input in Powerhive is expected to propel the company's agenda in the East African region, says Chris Hornor, CEO of Powerhive. "Caterpillar's global reach and vast network of local partners will unlock new opportunities for electrification in remote, underserved regions. We're excited to work with a company that has built a reputation of integrity and quality during its 90-year existence and has been committed to a broad energy portfolio and sustainable development."

Powerhive has been operating in East Africa since 2012 when it launched the micro grid system, and aims to make access to electricity easier and cheaper.

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