Husk Power Systems sells nearly $25M in equity

FORT COLLINS  — Husk Power Systems, a 15-year-old Fort Collins-based producer of solar and biomass-powered microgrids for rural areas in Asia and Africa, has sold nearly $25 million in equity out of a $43 million offering.

The company reported the equity sale to the U.S. Securities and Exchange Commission Nov. 2 as part of its ongoing fundraising drive. Coupled with $60 million debt financing, the effort totals $103 million, which Husk Power described two weeks ago as the largest-ever raise of its kind in the mini-grid industry.

Husk recently announced plans to launch 500 solar mini-grids in Nigeria over the next five years. Its co-founder and CEO, Manoj Sinha, told TechCrunch in October that the company will consider expansion into markets including Zambia, Madagascar and the Democratic Republic of Congo.

SEC fundraising forms do not list the identities of individual investors. Husk did not respond to an emailed request for comment Wednesday.Husk moved its headquarters from Bihar, India, to Colorado State University’s Powerhouse Energy Campus in January 2019. It maintains offices in India and Tanzania.

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