Solar startup d.light secures $22.5m in funding

Solar power manufacturer d.light has secured US$22.5-million in funding to help grow its PayGo business globally.

d.light has raised US$15-million in Series D equity from multiple companies such as KawiSafi Ventures Fund, Energy Access Ventures, the Omidyar Network and NewQuest Capital Partners. They’ve also raised US$2.5-million in debt funding through SunFinder.

“Energy Access Ventures works closely with companies bringing reliable energy access to rural and peri-urban areas, and d.light is the perfect addition to our portfolio,” said managing partners of Energy Access Ventures, Dr Michael H. Gera in a press release, who will also be joining d.light’s board. “This is our largest investment to date, and we wholeheartedly believe in d.light’s efforts to raise more people up the energy access ladder.”

The funding round also provided with over US$5-million in grant funding from top enterprises. These major hitters include the Shell Foundation, US Agency for International Development – Development Innovation Ventures as well as United Nations Capital Development Fund.

“We are thankful for the support from these global organisations, which is instrumental in achieving our goal to bring safe and affordable energy to off-grid families,” said CFO of d.light, Kamal Lath.

d.light products serve more than 2-billion people globally

“Consumer financing for solar home systems makes the technology significantly more affordable for our customers. This funding will enable more families and business owners to enjoy access to the affordable, clean and reliable solar energy solutions they need to improve their quality of life,” Lath continued.

With their new funding, the company has aimed to broaden its horizons and will ramp up sales of their D30 solar home system while bringing new products to the market.

“We’re extremely grateful for the partnership of such esteemed investors as we work to make solar and energy available for all households in the developing world,” said d.light CEO, Ned Tozun.

“Our solar products have enabled tens of millions of customers to significantly enhance their homes and supplement their incomes. With this funding, we look forward to helping even more people living off the grid to achieve better quality of life through solar ownership,” he concluded.

Featured image: Lima Andruška via Flickr