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Funding for Powerhive, Off Grid Electric
California-based solar microgrid company Powerhive has raised $20m in its first significant round of venture capital financing. The round was led by Prelude Ventures, with participation by Caterpillar Ventures, Total Energy Ventures, Tao Capital Partners, and Pi Investments, among others. The funding is intended to support the company’s expansion into new markets in Africa, Asia and the Pacific region, and activities in Kenya.Total Energy Ventures – the venture capital fund of France’s Total – announced on 2 February that it had also invested in Arusha- and California-based Off Grid Electric, which is installing solar power technology in homes and businesses in Arusha through a partnership with the national government and the Tanzanian Investment Centre.
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