Oolu which was founded in 2015, set out to provide affordable energy access to rural and peri-urban customers in West Africa especially with the challenges of erratic power supply in the region. So far, it has sold over 60,000 solar home systems to customers across its five markets – Nigeria, Senegal, Mali, Burkina Faso, and Niger. The management said that the new funding round will help the startup scale up its operations within the West African sub-region.
Dan Rosa, chief executive officer (CEO) and co-founder of Oolu, said that “the strength of our business and industry during a challenging global pandemic has demonstrated the value that customers see in our products and service. RP Global’s financial expertise and experience in managing renewable energy businesses will enable us to accelerate our growth,” adding that the “All On’s unparalleled knowledge of the renewable energy sector in Nigeria will help us to further adapt our business to meet customers’ needs. In addition, we are excited to continue our successful collaboration with current investors, especially persistent.”
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The Series B funding round was led by independent renewable energy developer RP Global. Additional participating investors included Persistent Energy Capital, Shell-seeded impact investor All On, Gaia Impact Fund, and DPI Energy Ventures. Leo Schiefermueller, director of RP Global Africa, said he was looking forward to working with “the most promising solar home systems provider in West Africa”.
“Having found a partner with such an efficient structure and excellent management makes us optimistic that this will be our greatest venture in Africa to date. The fantastic team at Oolu is prepared to lead the company towards a whole new level of success and growth in all areas of one of Africa’s most important challenges – ‘access to energy’,” he said.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry