Malian-owned startup Energy+ has received more than $1-million in funding from a consortium of financing partners. The funding includes equity and fully funded enterprise development services (EDS) from VentureBuilder, which led the round, debt from Cordaid Investment Management (Cordaid), and grant financing from the United States African Development Foundation (USADF).
“In countries such as ours, pay-as-you-go is the best way to bring quality solar home systems to off-grid areas because it makes energy access easy and affordable. With the help of VentureBuilder, Cordaid, and USADF, we will be in a position to transition, in a strategic manner, from a producer of small electrical batteries to a large scale distributor of high-quality solar products,” Simballa Sylla, CEO of Energy+ said.
Here Is What You Need To Know
- The funding provided will enable Energy+ to scale its off-grid business throughout the country with the expansion of its ‘pay-as-you-go’ and cash sales offering available through its retail network.
- This large investment funding will allow the innovative and sustainable tech startup to further enhance its services to underserved areas of the country.
Why The Investors Invested
“Energy+ is an exciting addition to our growing Malian SME portfolio. Energy+ will create jobs and bring clean energy where it is most needed, and the experienced promoters have shown that they can deliver despite a very challenging market. We look forward to a long-term partnership with Energy+ to finance their continuing growth, and in doing so meet our social impact ambitions in Mali and the region,” Hann Verheijen, Managing Director of Cordaid said, while noting that the funding will not only help it to expands the startup’s services but will also provide job opportunities for Malian’s contributing to the local economy.
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A Look At What The Startup Does
Founded in May 2017, Energy+ is an off-grid solar company that focuses on providing affordable and reliable energy to households began operations in 2019.
To date, the startup claims to have sold thousands of d.light off-grid solar products in Mali through its easy-to-use pay-as-you-go and cash system. Funding will be allocated to develop the digitisation of this service catering directly to Energy+ customers.
With reports indicating that Mali is one of the most densely populated nations in West Africa, with 60% of its population of 20-million still living without access to modern electricity services, Energy+ provides a much-needed service to the country.
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