Caterpillar Venture Capital, a subsidiary of Caterpillar, has announced that it has made an equity investment in Powerhive, an energy solutions provider for emerging markets.
Caterpillar Ventures is one of eight investors in a US$ 20 million first round venture, which was led by Prelude Ventures and also includes First Solar, Total Energy Ventures and Tao Capital Partners. The venture financing will support Powerhive’s global expansion and continued growth in East Africa, where the company has operated rural microgrids since 2012.
Collaboration between Powerhive and Caterpillar will combine Caterpillar’s depth of experience in emerging markets, technical expertise and scale with Powerhive’s pioneering microgrid solutions to advance both companies’ ability to serve energy demand growth in emerging markets during the 21st century.
Powerhive CEO Chris Hornor, said, “Caterpillar’s global reach and vast network of local partners will unlock new opportunities for electrification in remote, underserved regions.”