Husk Power Systems, a power company operating renewable energy minigrids in Asia and Africa, announced that Dutch entrepreneurial development bank FMO has invested $5 million in the startup. The FMO investment followed a $20 million investment in 2018 by Shell, Swedfund and Engie Rassembleurs Dâ€™Energies. Husk is â€śbringing reliable, low-cost electricity to rural entrepreneurs.â€ť The company claims its â€śgrid-interactive solution supports national electrification.â€ť Husk added Royal Dutch Shellâ€™s head of New Energies Mark Gainsborough to its board of directors. Brad Mattson, semiconductor and solar veteran is chairman of the board.
European lithium-ion battery manufacturer Northvolt raised $600 million led by Glasgow-based investment manager Baillie Gifford, alongside existing investors Goldman Sachs, Scania and the IMAS Foundation â€“ sister fund to the Stochting Ingka Foundation co-founded by Ikea founder Ingvar Kamprad. Spotify co-founder Daniel Ek also invested in the round. Northvolt, which aims to have 150 GWh of annual battery manufacturing capacity operating by 2030, said it would use the cash to expand its production lines and its R&D center as well as helping to establish a battery raw material recycling fab. Read the full rock and roll article here on pv magazineâ€™s global site.
YouSolar, builder of a home solar-plus-battery nanogrid, closed $1.07 million of equity crowdfunding and â€śgenerated a pipeline of new customers in the U.S.,â€ť according to a release. The companyâ€™s 90-day campaign on StartEngine.com was oversubscribed beyond the $1.07 million federal offering limit of Regulation Crowdfunding (Reg CF) and at least 68 investors have signed up to become customers. The company added Rick Hoskins, a Director at residential solar company Powur and former Managing Director at Genstar Capital, to the YouSolar Board of Directors. The companyâ€™s product â€śhas enough power to run an entire house or business,â€ť according to a release, including high-demand appliances such as air conditioners.