ElectriFI Doubles Down on Husk Power Systems with $4 Million Investment, Accelerating Clean Energy Access in Rural India
FORT COLLINS, United States & BRUSSELS, Belgium – 15 April 2024 – In a joint announcement today, Husk Power Systems (“Husk”), a leading provider of decentralized solar-hybrid minigrids, and ElectriFI, the EU-funded impact investment facility managed by EDFI Management Company, confirmed Husk’s securing of an additional $4 million in debt financing from ElectriFI. This builds upon ElectriFI’s initial $6 million investment in September 2022.
ElectriFI’s continued support reflects Husk’s impressive performance in achieving its initial impact targets, proves the feasibility of their business model and shows experience of leadership to execute its operational targets. Significantly, Husk’s strong performance, made possible in part by ElectriFI’s initial investment, enabled them to secure additional investments in a Series D capital raise of $43 million. This exemplifies EDFI Management Company’s core goal: acting as a catalyst to unlock further private sector funding for high-impact businesses. ElectriFI’s investment served as a strong validation of Husk’s business model, attracting significant interest from other investors.
Rodrigo Madrazo, CEO of EDFI Management Company, said of the financing: “We are thrilled to see the positive impact of ElectriFI’s investment in Husk Power Systems. Our initial investment not only provided Husk with essential capital, but also served as a strong validation of their business model, attracting further significant investment. This is a prime example of how ElectriFI fosters innovation and unlocks commercial financing for clean energy solutions in emerging markets.”
ElectriFI’s continued investment underscores its confidence in Husk’s experienced management team. Their proven track record and effective business model position Husk for continued growth and positive social and environmental impact.
Manoj Sinha, Co-Founder and CEO, Husk Power Systems, commented: “As demonstrated by this top-up just 18 months after receiving our first debt, ElectriFI has become an important partner for Husk. EDFI Management Company should be commended for the speed of execution in completing this transaction, which serves as a best practice for other development finance institutions (DFIs). In total, the $10 million from EDFI MC is an important enabler for Husk to scale its minigrid footprint in India, and achieve an even greater impact on tens of thousands of lives and livelihoods.”
Husk has successfully delivered reliable, clean electricity to remote communities, households, micro, small and medium-sized enterprises (MSMEs) and factories in rural areas without grid connection or where the grid is not providing reliable electricity.
Corentin Billiet, Senior Investment Manager, EDFI Management Company, who led this transaction, added: “Husk’s impressive track record in delivering clean, reliable energy to remote communities is truly inspiring. We are confident that this additional investment will empower Husk to expand its reach and create a lasting positive impact on rural India. We look forward to a continued successful partnership with Husk Power Systems.”
About Husk
Husk is an award-winning clean energy company serving rural and peri-urban Asia and Sub-Saharan Africa. In 2024, Husk was named one of Fast Company’s 50 Most Innovative Companies in the World, ranking #24 overall, and #1 in the energy category. Husk’s AI-powered energy platform, centered around community solar minigrids, provides 24/7 renewable power to households, commercial customers, institutions and small factories. It also delivers a range of other products and services, including e-commerce and credit-financing of branded appliances for home and commercial use, as well as community-based solutions for e-mobility and the agricultural value chain. Husk’s mission is to superchange economic growth and social well-being in rural communities that are unserved and underserved.
About EDFI Management Company
EDFI Management Company (EDFI MC) is a multilaterally owned impact asset manager which delivers innovative development finance solutions that enable European DFIs, development banks and private sector investors to increase the scale and impact of their work. The company focuses on business models, technologies and geographies where other investors have not been able to operate at the desired scale given their resources and investment criteria. For more information, visit www.edfimc.eu
About ElectriFI
The Electrification Financing Initiative – ElectriFI, managed by EDFI Management Company, is an impact-first investment facility, funded by the European Union, USAID’s Power Africa programme, the Government of Sweden and the Government of Italy. ElectriFI is investing in early-stage private companies and projects that increase or improve access to and supply of sustainable energy in developing countries. For more information, visit www.electrifi.eu and www.edfimc.eu.
Media inquiries
For Husk Power:
William Brent, william_brent@huskpowersystems.com, +34 684314268
For EDFI Management Company:
Natasa Lakovic, n.lakovic@edfimc.cu, +32 494463381