Powerhive Completes $20 Million Series A Financing Round
On January 25, 2016, Powerhive, a Berkeley-based energy solutions provider for emerging markets, announced that it has closed a $20 million Series A round of financing led by Prelude Ventures, with participation from Caterpillar Ventures, Total Energy Ventures, Tao Capital Partners, Pi Investments, and other select private investors. Wilson Sonsini Goodrich & Rosati represented Powerhive in the transaction.
According to Powerhive's press release, the new financing will be used to support the company's expansion into new markets in Africa and the Asia-Pacific region, including Kenya, where the company has operated rural microgrids since 2012. The financing round comes on the heels of a January 2016 announcement that Powerhive received an $11 million equity investment in the company's flagship micogrid project, which will eventually serve approximately 90,000 people in western Kenya.
For more information, click here to read Powerhive's press release.