Quarterly update
Q4 2023 - News & insights
Q4 Report - 2023
2023 marked a massive leap forward for Husk Power. In Q4, Husk closed a record $100 million Series D, the industry’s largest-ever capital raise, with equity and affordable long-term debt to fuel growth in India and Nigeria. Husk also launched the Africa Sunshot initiative and received major industry awards.
Market focus
The Africa Sunshot targets 2,500 minigrids in six Sub-Saharan African countries within five years, including 1,000 in Nigeria and 500 in the Democratic Republic of Congo. Husk invited governments in least-developed countries to partner on scaling minigrids.
Financial outlook
Husk began 2023 by becoming the first minigrid company to announce profitability and ended the year with more than $100 million in financing. The funding includes $43 million in equity and $60 million in debt, supporting more than 1,400 new minigrids, 300,000 connections and 350,000 tonnes of avoided CO2.
Industry leadership
Husk won 10 awards in 2023 for climate, energy transition, technology, impact and branding, including a Platts Global Energy Award and the CHARGE Award for World’s Best Challenger Brand. CEO Manoj Sinha was named to TIME’s 100 Most Influential Climate Leaders in Business.
In the news
Below are highlights of recent Husk media coverage:
- Reuters and Latitude Media featured Husk’s AI innovation
- Bloomberg, TechCrunch, Axios and CNBC covered the $100 million financing
- DFC published a case study on Husk’s integrated energy platform
- CEO Manoj Sinha joined a World Bank session at COP28