Karim Ghammache - Afrikan Heroes

SolarX, Mali Based Solar Company Raise Series A Funding

August 5, 2020

As part of efforts aimed at expanding its operations across the Sahel countries of Burkina Faso, Mali, and also in Cote d’Ivoire, the Malian based solar company SolarX has raised an undisclosed Series A funding round to help it achieve this objective. SolarX which provides a one-stop shop solution for clean energy services, providing reliable and affordable energy which allows end-users to operate more efficiently in challenging environments is a leading solar energy firm in Bamako, Mali.

Karim Ghammache, founder and chief executive officer (CEO) of SolarX

The funding round was led by Energy Access Ventures (EAV), an early-stage fund investing in decentralised energy companies across Sub-Saharan Africa, and the UK’s CDC Group, and will be used to help SolarX develop and operate projects in Mali, Burkina Faso and Ivory Coast.

“As energy generation in our target market comes from costly, difficult-to-get and volatile fossil fuels, most C&I clients are looking for cheaper, more reliable and cleaner energy. Despite the market demand, attracting financial partners had been a challenge before engaging with EAV,” said Karim Ghammache, founder and chief executive officer (CEO) of SolarX.

“The EAV team has been instrumental in supporting us to set up the company, define the right business model, put together operational structures and develop connections with relevant partners prior to their investment. We are eager to lead the way in growing the renewable energy sector in West Africa.”

EAV principal Vladimir Dugin said his company was proud to continue to foster the development of C&I solar, investing in experienced local teams and innovative business models across under-served, frontier markets in Sub-Saharan Africa.

“With decades of combined operating experience in Mali, the SolarX team has the right expertise and execution capabilities to create a leading regional franchise with an appropriate and comprehensive C&I offering,” 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

Mali’s Solar Energy Startup SolarX Secures Series A Funding From Energy Access Ventures

July 10, 2020

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.

*Karim Ghammache, founder and CEO of SolarX.*

“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.

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.