Poherhive, an energy solutions and technology provider for emerging marlets closed a $9.3 million Series B round of funding. Toyota Tsusho Corporation, a general trading company and a member of Toyota Group, participated in the round with the new investors Kouros but also existing investors including Tao Capital, James Sandler, Prelude Ventures, Caterpillar Ventures, and Total Energy Ventures.
Launched in California and Kenya in 2011, Powerhive utilizes its proprietary technology platform to establish renewable microgrids, providing affordable and reliable electricity to off-grid communities in emerging markets with a focus on Sub-Saharan Africa. This long-term and scalable solution drives rural economic development, reduces energy poverty, and promotes cleaner and more resilient energy infrastructure in vulnerable communities. Toyota Tsusho’s investment aligns with its commitment to sustainable power generation and utilizing all energy resources, particularly in Africa, where the company aims to cultivate local roots and grow alongside the communities it serves.
The funding will support Powerhive’s growth and aim to connect 20,000 households in Kenya. Toyota Tsusho will leverage its expe’rtise and presence in Africa to explore collaboration opportunities with Powerhive in new markets and related products and services, such as electric mobility, reused batteries, and agricultural and industrial materials. The partnership aims to develop climate-friendly and sustainable infrastructure in Africa while addressing the energy needs of over 640 million people lacking reliable access to energy.