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.