Dear valued stakeholder,
Husk's newly launched "energy-in-a-box" PRISM containerized solution
For Husk, it’s all about SCALE & SPEED. Following our $103 million Series D financing, 2024 saw unprecedented growth for the company, especially in a fast-paced Q4.
Overall, revenue for the year grew by more than 140% from 2023. We doubled our standalone minigrid portfolio in 12 months and ended the year with assets in over 400 rural communities, while also locking in our first inter-connected minigrid projects. We also more than doubled our team – hiring, training and onboarding about 600 new employees. We set a new industry low for cost of energy, and a new high for fastest rate of deployment with the launch of a new “energy-in-a-box” solution called PRISM.
In addition, Husk significantly expanded revenue from its C&I rooftop solar business more than three-fold, while achieving 270% growth in sales from our rural commerce platform that includes a range of energy efficient appliances and lifestyle products.
2025 will be another year of high performance and high growth, with a 100MW pipeline across multiple countries for both isolated and grid-connected minigrids.
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Manoj Sinha, Co-Founder & CEO
MARKET FOCUS
Husk doubled its team in 2024 to almost 1,200 employees
Husk ended the year with 400 minigrids, representing a doubling of its portfolio in less than 12 months and cementing its position as the world leader. In doing so, Husk became “the first and only company to add hundreds of new minigrids in a single calendar year,” said CEO Manoj Sinha. Combined, the minigrids serve 1.5 million people and more than 30,000 micro, small and medium-sized enterprises (MSMEs), and include 2,500 kilometers of transmission and distribution (T&D). Husk has seen significant climate impact as well by avoiding an annual 15,000 tonnes of CO2, mainly by displacing about 3,000 diesel generators to date.
Husk’s team also doubled to almost 1,200 in 2024. Importantly, 90% of those jobs were created in the rural communities Husk serves, where youth unemployment remains a massive barrier to improved livelihoods.
FINANCIAL OUTLOOK
Husk expects to return to the capital market in H2 2025, aiming for a pre-IPO raise of $400 million in equity and debt, in the lead up to an expected IPO in 2027 or 2028. Speaking in an interview with Bloomberg, CEO Manoj Sinha said “we are looking for investors that can single handedly write checks of $50 million to $100 million.”
As part of its fundraising efforts, Husk was invited to participate in two key convenings in the Gulf region of sovereign wealth, private equity and asset management funds. Husk also spoke at a gathering of CEOs from Europe’s top development finance institutions (DFIs) hosted by EDFI Management Company.
Husk is expecting more than 100% revenue growth again in 2025, having built a pipeline of 100 MW of projects across multiple countries, including the Democratic Republic of Congo (DRC).
INDUSTRY LEADERSHIP
Husk CEO Manoj Sinha speaking at a meeting European DFIs
Husk continued to push the envelope in innovating both business models and technologies in Q4, while also finishing the year by further driving down its industry-leading levelized cost of energy (LCOE) to $0.20 kWh.
On the technology side, it launched PRISM (Power Resilience and Intelligent System Management), an energy-in-a-box solution that radically increases the rate of minigrid and C&I deployment. Developed by Husk’s technology center of excellence in India, PRISM has already allowed Husk to increase its minigrid deployment rate to 1 per day, setting a new industry milestone. The solution has been deployed in India, and will debut in Nigeria in the first half of 2025. Initial results demonstrated the ability to connect and power 20 homes and 20 businesses within 48 hours of deployment, decreased capital expenditure per site by at least 7% and a 20% reduced operational expenditure by standardizing pre-deployment design and testing.
As far as business models, Husk also partnered with Abuja Electricity Distribution Plc (AEDC) in Nigeria to launch its first inter-connected minigrids (IMGs), and has identified a pipeline of more than 50 IMGs across 10 states in Nigeria. Husk will also pilot its first Virtual Power Plant (VPP) in Nigeria in 2025.
IN THE NEWS
Below are highlights of Husk's recent media coverage:
Bloomberg covered our growth and future expansion plans, including a planned pre-IPO $400 million raise starting later in 2025
Husk featured prominently in this Reuters article about green jobs and skills in Africa
2-for-1 podcasts: Listen to The Hindu interview with our CEO on the potential for minigrids to support India’s renewable energy goals, or our CMO talking to Energ’ethic about the state of SDG7
PV Magazine writes about the launch of the PRISM energy-in-a-box solution
The Cable highlights Husk’s inter-connected minigrids partnership with AEDC in Nigeria
