2021 Corporate Results: Husk Power Systems Revenue Jumps 45%, with Rapid Africa Expansion, and Robust Pipeline of Shovel-Ready Solar Microgrids
FORT COLLINS, 10 March 2022 — Husk Power Systems, the leading net-zero energy company serving rural Asia and Africa and operator of the largest fleet of community solar-hybrid microgrids/mini grids, today announced 45% revenue growth in 2021 compared to the previous year, despite unprecedented market disruptions caused by the Covid crisis.
Since the start of the pandemic at the end of 2019, Husk has achieved a 66% compound annual growth rate in the face of multiple Covid lockdowns.
Key corporate results for 2021 included:
- Revenue growth: income increased 45% from 2020, driven by a 79% growth in microgrid electricity sales, a 155% expansion of energy-efficient appliance sales, and steady growth of Husk’s turnkey rural commercial and industrial (C&I) solar installation business;
- Nigeria progress: Husk became the first company to simultaneously launch multiple microgrids (a batch of 6) in Nigeria, proving that its business model is fully portable to Sub-Saharan Africa’s largest microgrid market. Husk plans for 500 sites in Nigeria by 2026, and has built a 100% local team of 50 staff since 2020. It has also entered advanced discussions to enter additional African markets;
- Business customer growth: the company grew its micro, small and medium-sized enterprise (MSME) customer base by 40% from 2020, ending 2021 with more than 6,100 customers engaged in retail, financial services, agriculture, manufacturing and other industries. Husk microgrids also serve more than 200 factories;
- Demand creation leadership: average revenue per user (ARPU) has grown 16% since 2018, while capacity utilization of Husk’s microgrid assets was over 45%, both industry-leading key performance metrics. In Nigeria, Husk achieved 45% utilization after only three months of operation;
- Largest fleet and robust pipeline: Husk was operating 215 microgrids (140 community-based and 75 captive) by the end of 2021 with a 12MW generation capacity. The company has used its highly-accurate, proprietary site demand scorecard to build a pipeline of hundreds of additional sites;
- Measurable climate and social impact: Husk avoided 5,740 tonnes of CO2 by displacing diesel generation, and provided clean electricity to nearly 400 schools and healthcare service providers. Husk also ended 2021 with 475 direct employees;
- Gender focus: Husk became a signatory to the Gender and Energy Compact, which seeks to catalyze action towards gender equality and women’s empowerment to accelerate just, inclusive and sustainable energy. The company also started a process to be compliant with the 2X Challenge.
With profitability as its focus, Husk is leading the community solar-hybrid microgrid industry to ‘scale at speed’, and our management team is ready to take a quantum leap and grow the company 10X over the next four years,” said CEO and Co-Founder Manoj Sinha. “We are committed to wiping out the need for diesel generators, bolstering last-mile electrification in partnership with governments, and benefiting millions of people and hundreds of thousands of small businesses, including smallholder farmers.”
About Husk Power Systems
Founded in 2008, Husk Power Systems is the leading net-zero energy services company operating across Asia and Africa. Its smart and sustainable solutions, centered around community solar microgrids, accelerate access to clean, modern and affordable electricity and catalyze socio-economic development. Husk’s focus on the customer meets the growing aspirations of businesses and households, while its grid-integratable solution supports national electrification plans. For more information, visit huskpowersystems.com
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