Bboxx in London has closed its Series D round of funding for $50m with investment from Mitsubishi.
Solar startup Bboxx has reached nearly a million people in 12 countries in Africa through its pay-as-you-go (PAYG) solar energy using mobile money. The company has installed 200,000 solar home systems (SHS) which are remotely monitored via its Pulse digital platform which uses Internet of Things (IoT) technology and data to manage the large networks. Bboxx has used the same model to provide clean cooking solutions using LPG with ambitions to deliver other utilities and products in new markets.
“The funding is further evidence of Japanese interest in Africa and in PAYG solar energy globally. Mitsubishi’s extensive reach, sector specific and technological expertise will help us to reach more people without reliable access to modern utilities and services at even greater scale,” said Mansoor Hamayun, CEO and Co-founder of Bboxx. The Power Solution Group at Mitsubishi currently owns and operates about 6,100 MW of net generation capacity globally including wind, solar and other types of renewable energy. It is active in areas that help to combat climate change and secure sustainable supplies of energy to support a transition to a low carbon society.
The investment will be used to roll out the platform across Africa and into Asia and includes backing from ENGIE Rassembleurs d’Energies, part of the French ENGIE Group as well as Luxembourg-based investor Bamboo Capital Partners and Dutch investment fund DOEN Participaties. “We look forward to this next phase of growth that will help us to transform more lives, unlock potential and grow our already global footprint by opening up new markets and develop further our product range,” said Hamayun. “Our Series D round is made up of investors spanning three continents and is a testament to how the global community is embracing sustainability. BBOXX provides the technology and the scalability that makes us a tool for development and brings us closer to meeting the United Nation’s Sustainable Development Goals (SDGs).”
Previous backing includes $31m from Africa Infrastructure Investment Managers in January, and last year EDF, the world’s leading electricity company, became a joint shareholder in BBOXX Togo with a 50% stake.
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