This archive report was first published on 20 July 2019.
July 20, 2019 - Powerhive Inc, a pioneering energy solutions firm based in Nairobi, has secured a significant $9.3 million Series B round of funding to expand its rural microgrid services in Kenya and beyond.
The funding round was led by Toyota Tsusho, with participation from Powerhive's existing investors, including Caterpillar Ventures, James Sandler, Prelude Ventures, Tao Capital, and Total Energy Ventures, as well as new investors Kouros and TO.org.
According to Powerhive CEO Christopher Hornor, "We're excited to work with Toyota Tsusho, who share our vision of building climate-friendly, sustainable, and profitable businesses around energy and energy-enabled services for the millions of people lacking reliable access to energy and basic services. This partnership is about supporting the construction of lasting, high-quality, and climate-friendly infrastructure in Africa, built by Africans."
Powerhive will leverage Toyota Tsusho's expertise and footprint in Africa to reach 20,000 connections in Kenya, where the company has operated rural microgrids since 2012. The firm aims to collaborate on electrical mobility products and services, reused batteries, agricultural, and industrial materials to grow with the communities served by Powerhive.
Toyota Tsusho Corporation, a general trading company and member of the Toyota Group, expressed its excitement about the investment, stating, "We are proud to be part of this transition in partnership with Powerhive to deliver best-in-class, affordable energy and services for the 600 million consumers in Sub-Saharan Africa."
Kouros, another investor, will bring its expertise and energy transition investment platform to support Powerhive's development and explore opportunities in microgrids and new energy solutions for Africa.
