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BBOXX secures $20m investment, to step up in Kenya, Rwanda
BBOXX, an off-grid solar company, has secured a US$20-million Series C investment to step up operations in Kenya and Rwanda.
BBOXX not only designs and manufactures their plug and play solar solutions but manufactures them as well. More than 70 000 BBOXX products have been sold in over 35 countries, providing off-grid power to around 350 000 people, the company said in a blog post.
The investment comes from Mackinnon, Bennett & Company (MKB), ENGIE Rassembleurs d’Energies and KawiSafi Ventures, as well as existing investors.
“We are excited about the growth potential for the African off-grid solar market and delighted with BBOXX’s rapid development,” said Managing Director of ENGIE Rassembleurs d’Energies, Laure Vincotte in BBOXX’s blog post. “We feel that BBOXX’s technology is fully in line with ENGIE Rassembleurs d’Energies’ objectives of promoting sustainable and scalable energy solutions for all.”
BBOXX vision is to reach 20-million people by 2020
BBOXX is in the process of building their operational headquarters in the capital of Rwanda, Kigali. The country has set a goal of 20% of the population being powered via off-grid solutions, representing a big opportunity for the company.
“BBOXX is building the next generation of energy services — connected, distributed, renewable and focused on customer service. We see a strong opportunity for BBOXX’s licensed products and services to act as a foundation for a rapidly growing new sector in the global utility market,” said Patrick Bennett, VP at MKB.
“We have built an innovative, data-powered technology platform for the next generation of distributed utility companies,” said the CEO of BBOXX, Mansoor Hamayun.
“We are thrilled to have ENGIE Rassembleurs d’Energies, KawiSafi Ventures and MKB as our lead investors — it will bring credibility to our industry and much-needed scale. We are already deploying systems at the fastest rate in East Africa, at 10kWp of solar per day, and I am excited that we will continue to grow quickly over the next few years,” Hamayun concluded.
Featured image: Dave Proffer via Flickr