Online investment platform, Trine launched the first of six crowdfunding rounds for off-grid developer BBOXX on February 10, and hit its €1 million target on March 9.
The two organizations plan further investment rounds through Trine’s online platform to raise a total of €6 million, which according to BBOXX will be the largest crowd sourced capital raise in the history of off-grid solar.
“The speed at which these funds were raised shows the enormous interest in tackling energy poverty. There are over 1 billion people without access to reliable electricity; it is a truly global challenge,” said Mansoor Hamayun, CEO and co-founder of BBOXX.
“Our smart solar systems provide reliable energy access, delivering power for lights, home appliances and smartphones, which make a huge impact to economic development among the world’s poorest communities. We will be using the €1 million raised to expand our operations in Kenya to deliver the on-grid experience to a further 10,000 households,” he added.
BBOXX has seen several successful investment rounds recently, closing a US$5 million deal with Essential Capital Consortium back in October, and setting up a platform for the deployment of $50 million in equity with Bamboo Capital Partners in February 2018.
Off-grid developers operating in Africa have emerged as a hot commodity for investors in recent months, with several high profile acquisitions seen in the sector, the biggest of which is probably ENGIE’s acquisition of U.S.-based Fenix International, which specializes in off-grid rooftop systems and primarily operates in Uganda.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.