BBOXX raises USD 20m for off-grid solar expansion in Africa
Aug 30, 2016 13:53 CEST
August 30 – Global off-grid solar company BBOXX has raised USD 20 million (EUR 17.9m) from a Series C funding round, with plans to use the proceeds to expand in its existing markets, Kenya and Rwanda, as well as in new ones.
BBOX has developed a distributed energy platform that delivers off-grid energy on a utility scale. The company has supplied off-grid power to over 350,000 people in 35 countries around the world since 2010. It is currently setting up its operational headquarters in Kigali, Rwanda.
The firm owns and runs retail distribution networks and after sales service centres in both Kenya and Rwanda. Its goal is to be electrifying as many households as the Rwandan national grid by the end of the year.
BBOX intends to use a portion of the proceeds to step up the provision of licensed products and services in other markets. This includes establishing three franchises in the West African countries of Cameroon, Ivory Coast and Nigeria.
The investment round saw participations from MacKinnon, Bennett & Co (MKB), ENGIE Rassembleurs d’Energies and KawiSafi Ventures, as well as from existing investors Khosla Impact Fund, Bamboo Finance and DOEN Foundation.
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