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Solar firm BBOXX secures additional US$50-million

Africa , 28 Aug 2019

Solar firm BBOXX secures additional US$50-million

Pay-as-you-go (PAYG) solar company BBOXX has closed a US$50 million Series D funding round led by Mitsubishi Corporation to help it scale faster across Africa and Asia.

Active in 12 African countries, BBOXX has impacted nearly one million people to date through access to PAYG solar energy using mobile money, installing 200,000 solar home systems which are remotely monitored via its IOT-enabled BBOXX Pulse platform.

The company has raised substantial funding already, including a US$31 million investment from Africa Infrastructure Investment Managers in January, and has now secured US$50 million in Series D capital in a round that includes a "substantial investment" from the Japan-based Mitsubishi Corporation.

The other participants in the round are ENGIE Rassembleurs d'Energies, which promotes access to sustainable energy for all and is affiliated to ENGIE Group; Luxembourg-based pioneering impact investor, Bamboo Capital Partners; DOEN Participaties, a Dutch impact investment fund supporting sustainable and social startups; and MacKinnon, Bennett & Company (MKB), a Montreal-based growth equity firm focused on the clean energy, transportation, and smart city sectors.

BBOXX will use the funding to further drive its growth across Africa, and in Asia, with the company saying the cash injection would fuel its mission of using technology to unlock potential and transform lives.

"Our Series D round is made up of investors spanning three continents and is a testament to how the global community is embracing sustainability. BBOXX provides the technology and the scalability that makes us a tool for development and brings us closer to meeting the United Nation's Sustainable Development Goals (SDGs)," said Mansoor Hamayun, chief executive officer and co-founder of BBOXX.

Hamayun said, "The funding is further evidence of Japanese interest in Africa and in PAYG solar energy globally. Mitsubishi Corporation's extensive reach, sector specific and technological expertise will help us to reach more people without reliable access to modern utilities and services at even greater scale

"We look forward to this next phase of growth that will help us to transform more lives, unlock potential and grow our already global footprint by opening up new markets and develop further our product range."

Mitsubishi Corporation's experience in the sector will help power BBOXX's development, with the firm's Power Solution Group currently owning and operates about 6,100 MW of net generation capacity globally, including wind, solar and other types of renewable energy. It is active in areas that help to combat climate change and secure sustainable supplies of energy to support a transition to a low carbon society.

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