Powerhive Inc, an energy solutions and technology provider for emerging markets, announced today the closing of an US$9.3m Series B round of funding.

Toyota Tsusho Corporation (Toyota Tsusho), a general trading company and a member of Toyota Group, participated in the round.

Powerhive describes itself as, "a microgrid solutions provider and developer whose proprietary technology platform and business model enables the development, financing, and management of bankable solar microgrids in emerging markets."

Other new investors included Kouros and To:org, as well as existing investors including Tao Capital, James Sandler, Prelude Ventures, Caterpillar Ventures, and Total Energy Ventures.

"The venture financing will support Powerhive's growth by reaching 20,000 connections in Kenya where the company has operated rural microgrids since 2012 as Kenya's first privately licensed electricity utility leveraging its unique development and technology platform. Leveraging Toyota Tsusho's expertise and footprint in Africa, the parties will seek collaboration opportunities in new markets in Africa, as well as in ancillary products and services (i.e. electrical mobility products and services, reused batteries, agricultural and industrial materials) to grow with the communities served by Powerhive," the company said

Tags:
Powerhive   Microgrids  

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