Good news for SolarX. The solar energy startup based in Bamako, Mali, has just completed a Series A financing. The deal was led by Energy Access Ventures (EAV), a seed investment fund that invests heavily in renewable energy in Africa.
“Because power generation in our target market comes from expensive, hard-to-get and volatile fossil fuels, most companies are looking for cheaper, more reliable and cleaner energy. Despite market demand, it was difficult to attract financial partners before engaging with EAV,” explains Karim Ghammache, founder and CEO of SolarX.
Here Is What You Need To Know
- No details have been provided on the funds raised in this financing round.
- However, the investment is expected to enable SolarX to expand its services in West Africa with the planned development of the solar market in Mali, Burkina Faso, and Côte d’Ivoire. In these countries, SolarX will finance and install solar photovoltaic systems mainly for businesses.
Read also: Why Startup Ecosystem in Africa’s French-Speaking Countries Is The Least Funded In Africa
Why The Investor Invested
The Energy Access Ventures (EAV) investment fund is sponsored by the French group Schneider Electric and managed by the venture capital firm Aster Capital based in Paris, France. EAV is funded by a number of development partners including the European Investment Bank (EIB), the Investment and Support Fund for Enterprise in Africa (Fisea) owned by the French Development Agency (AFD) and managed by Proparco, the French Global Environment Facility (FGEF), administered by AFD, and the Commonwealth Development Corporation (CDC Group), the UK government’s development finance agency.
Energy Access Ventures (EAV) excels in financing off-grid suppliers in Africa, notably Nuru which recently commissioned a 1.3 MWp solar system in the city of Goma in the Democratic Republic of Congo (DRC)
Diversification in the solar sector
In concrete terms, the company supplies grid-connected solar photovoltaic systems that enable its customers to save on their electricity bills. The Bamako-based company also provides solar pumping systems that are very useful for drinking water supply (DWS) in rural areas.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.