Investment fund Investors & Partners (I&P), AFD, the European Union, and Gaia Impact Fund have initiated the I&P Digital Energy program. Launched in 2022 with a budget of 4 million euros (2.6 billion FCFA) to facilitate access to energy through digital means, the program has just revealed the names of its first two funding recipients. These are the Ugandan company Innovex and the Cameroonian company Solarly, both specializing in the manufacturing, distribution, and installation of off-grid solar energy solutions.
“We are proud to support these two companies in the energy sector. They align perfectly with the mandate of I&P Digital Energy, which aims to support the integration of renewable energy sources and enhance energy access across the continent. This ambitious program will benefit a dozen startups and SMEs in the energy sector operating in sub-Saharan Africa, accelerating their growth and supporting their innovation. In the long run, it is expected to impact over 150,000 people,” comments Caty Diokhané, Head of the I&P Digital Energy program.
Solarly, established in 2016, is a company providing off-grid solar energy solutions. It has also developed connected devices to collect necessary data for remotely monitoring its installations. I&P Digital Energy is supporting this company in strengthening its distribution network in Cameroon and improving its connected devices.
Founded in 2015, Uganda’s Innovex is disrupting the innovation space in Africa with its three interactive product and service suit.
According to its promoters, I&P Digital Energy offers seed funding with an average amount of 300,000 euros per company, along with strategic guidance and capacity building. In the long run, the initiative aims to generate a leverage effect for the funded companies, enabling them to structure and formalize. I&P Digital Energy aspires to support 10 to 15 SMEs offering innovative energy access solutions (SHS, nano-grids, mini-grids, renewable energy for productive use, smart grids, etc.) throughout sub-Saharan Africa.
Solarly Innovex Solarly Innovex