The First Solar-backed microgrid developer attracted Total and Caterpillar's corporate venturing units for a series A round that will support geographical expansion.
Powerhive, a US-based company building microgrids in developing nations, has raised $20m in a series A round featuring petroleum supplier Total and heavy machinery producer Caterpillar.
The corporates, which invested through their respective corporate venturing vehicles, Total Energy Ventures and Caterpillar Ventures, joined venture capital firm Prelude Ventures, which led the round, Tao Capital Partners, Pi Investments and undisclosed private investors.
Founded in 2011, Powerhive builds microgrid systems for use in developing nations in Africa and the Asia-Pacific region, and it operates offices in Kenya and the Philippines. The microgrid model enables rural communities not connected to a large grid to generate their own power.
Enel Green Power, the clean energy subsidiary of energy utility Enel, provided $11m in financing last month for a 1 MW portfolio of solar energy microgrids that will be developed in rural Kenya.
The round follows an investment of undisclosed size by solar photovoltaic system producer First Solar in 2013. Powerhive will use the series A funding to expand into new markets in Africa and Asia-Pacific.
– Photo courtesy of Powerhive, Inc.
