Altech, a Congolese Energy company, has announced that it has raised a whopping $18 million in debt financing and grants to support its successful geographic growth in the Democratic Republic of Congo (DRC) and continue its expansion into new regions. The funds raised will allow Altech to open more than 30 new points of sale in rural areas without competition and distribute 180,000 solar products, extending access to clean and reliable energy to 900,000 Congolese. Let’s delve deeper into the details of this significant achievement.
The investors who contributed to Altech’s $18 million fundraising had some compelling reasons to do so, including:
- Altech’s Proven Track Record: Altech has made a name for itself in the DRC’s energy industry, positively impacting the lives of over 1.7 million Congolese by selling more than 350,000 solar energy products. Since its creation in 2013, Altech has managed to create a sales and distribution network with a national footprint, with 4,500 employees and sales agents, covering more than 140 stores across 22 of the 26 provinces of the DRC.
- Social Impact: The investors were attracted to the social impact of Altech’s work in the DRC, providing clean and affordable energy to thousands of off-grid Congolese households while creating thousands of green jobs for Congolese youth. Recent trade shocks such as COVID-19 and rising food and energy prices are hitting the world’s poorest people hardest, and access to clean, affordable, and reliable energy is one of the ways we can improve people’s lives.
- Altech’s Core Principles: Altech’s Congolese co-founders built the country’s most profitable and influential energy company PAYGo based on five core principles: the best product offering, the best customer service, the healthiest customer portfolio, the highest revenues, and the highest profit margins. These principles have enabled Altech to build a self-sustaining business by focusing on profitability and lean operations from day one.
Altech’s Expansion Plans With the $18 million raised, Altech plans to open more than 30 new points of sale in rural areas without competition and distribute 180,000 solar products. This expansion will extend access to clean and reliable energy to 900,000 Congolese, creating even more green jobs for Congolese youth and positively impacting the lives of more people.
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Mark van Doesburgh, Deputy Director, Direct Investment, Triple Jump, said, “We are delighted to partner with Altech to support its growth as it expands access to renewable energy in the DRC. This investment is in line with our commitment to invest in innovative solutions that address critical global challenges, and we are confident that Altech will continue to make a real difference in people’s lives.”
Altech Co-Founder Washikala Malango said: “Since our humble beginnings in 2013 in our off-grid town of Baraka/South Kivu province in eastern DRC, we have faced the major challenge of securing working capital financing in our efforts to connect off-grid households in rural areas, peri-urban and urban areas of our country. The incredible support of Rabobank and EEGF, along with our other lenders, is one of the key pillars enabling Altech to provide clean and affordable energy to thousands of off-grid Congolese households, through modern, clean, reliable and affordable solar solutions, while creating thousands of green jobs for Congolese youth.”
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard