Off-grid solar power startup, BBOXX, has raised $50 million in a Series D funding round to accelerate its growth across its markets.
This round was led by Mitsubishi Corporation who is reported to have invested a substantial chunk of the whole fund with participation from ENGIE Rassembleurs d’Energies, Bamboo Capital Partners; DOEN Participaties, and MacKinnon, Bennett & Company (MKB).
With a presence in Asia as well as in Africa where it operates in 12 countries including Nigeria, BBOXX provides homes in off-grid locations with suitable solar energy solutions. Operating a pay-as-you-go (PAYG) model, the company uses home solar systems and a proprietary billing system.
Prior to this new funding, with $115m raised from 12 rounds of funding and debt financing, the company has installed 200,000 solar home systems, which are remotely monitored via BBOXX Pulse, its mobile money billing system. So far, its installations have been able to reach more than one million people with a bulk of them located in Africa.
Now with this new funding, BBOXX will be focused on efforts to increase its growth in Asia, reaching more areas, as well as extend its reach in its markets in Africa, including Nigeria. The funding will also help the company replicate and scale its model for new products such as its clean cooking solutions using LPG, and other utilities and products in new markets.
Innovations like this are quite important because of the poor performance of power in Sub-Saharan Africa, which has limited people’s chances of achieving economic prosperity. Mansoor Hamayun, CEO and Co-founder, BBOXX, says the company is looking to expand its product and transform lives.
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.Mansoor Hamayun, CEO and Co-founder, BBOXX.
Mitsubishi is not a fresher in the power sector. The company has more than 6GW of renewable energy plants globally.
This extensive reach and expertise will be of importance to BBOXX in markets like Africa, where it’s not the only player in the space and fellow competitors like PEG Africa, Daystar Power Africa and Arnergy are also raising funds to expand.