Husk Power Systems has secured a significant $43 million in Series D funding, marking the largest equity injection in the minigrid sector. This funding will support Husk's efforts to bring electricity to rural communities in Sub-Saharan Africa and South Asia through an AI-driven renewable energy platform. New investors, including STOA Infra & Energy, the US International Development Finance Corporation (DFC), and Proparco, joined existing backers Shell Ventures, Swedfund, and FMO in this funding round. Husk also used this equity to secure an additional $60 million in debt financing, with the European Investment Bank (EIB) and the International Finance Corporation (IFC) among the participating institutions.

Since its 2018 equity funding of $25 million, Husk’s growth trajectory has been on the rise. The firm now boasts more than 200 solar hybrid minigrids across two continents, positively impacting 500,000 individuals and aiding over 10,000 MSMEs. Remarkably, Husk turned EBITDA positive in Q4 2022 and has built a robust team of over 500. The fresh capital is earmarked for a significant scale-up in Husk’s operations, targeting 300,000 new connections in the coming five years. Notably, the Africa Sunshot initiative launched by Husk at the Africa Climate Summit in September 2023 seeks to mobilize a minimum of $500 million, aiming to set up 2,500 minigrids in six nations within a five-year span.

Manoj Sinha, Husk Co-Founder and CEO, commented, "We have successfully scaled a rural energy platform and are eager to leverage this new funding". Jean-Pierre Barral of STOA Infra & Energy expressed enthusiasm about leading the equity investment in Husk. Furthermore, Mateo Goldman of DFC underscored the importance of this transaction, and Husk Board Member Amit Narayan highlighted the transformative role of AI in the company's journey. Concluding remarks came from Husk Board Chairman, Brad Mattson, who projected, "Husk is primed to lead the growth and catalyze an industrial revolution in rural Africa and Asia". Established in 2008, Husk Power Systems has been a trailblazer in the community minigrid sector, consistently expanding its footprint and impact across Africa and Asia.