Series D equity investors, who collectively deploy more than $10 billion annually, include STOA Infra & Energy, US International Development Finance Corporation, and Proparco; Two-thirds of the capital will go to Sub-Saharan Africa, marking a major step towards Husks goal of mobilizing $500 million to reach 2,500 minigrids on the continent under its Africa Sunshot initiative; The new capital will fund 1,400 new minigrids, nearly 300,000 new connections (a third of them MSMEs) and avoid 350,000 tonnes of CO2 from displacement of diesel generation, while adding 2,500 new direct jobs.FORT COLLINS, 24 Oct 2023 Husk Power Systems (Husk) announced today that it has closed $43 million in Series D funding, the largest-ever equity raise in the minigrid industry. The funding cements Husks position as the leader in electrifying communities in rural Sub-Saharan Africa and South Asia with an AI-enabled platform of renewable energy services. (IFC).Since raising $25 million in equity funding in 2018, Husk has grown its fleet 20-fold to more than 200 solar hybrid minigrids across two continents, impacted 500,000 people, served more than 10,000 micro, small and medium enterprises (MSMEs), avoided 25,000 tonnes of CO2, achieved a CAGR of 60% despite two years of Covid, and maintained exceptional customer loyalty with a retention rate of more than 90%. Were excited to put this new equity and debt to work to supercharge Husks growth and unlock the full economic and social potential for a generation of rural Africans and Asians, especially women and youth, that would otherwise be left behind.Referring to the financing, Jean-Pierre Barral, Deputy CEO, STOA Infra & Energy, said:STOA is impressed by the track record and performance of Husk, which has resulted in a competitive energy solution that is affordable, reliable and clean. Husks intelligent platform allows automated management of rural minigrids operating under extreme environmental and cost constraints, and it has achieved what many felt was impossible by providing access to 24\xd77 reliable power to some of the most underserved communities in a profitable manner.