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Local lithium-ion battery manufacturer I-G3N secures R20m investment
South African battery manufacturer I-G3N has secured R20 million in investment to help the company grow and promote renewable energy on the continent.
The woman-owned SME raised the amount from Edge Growth and the ASISA ESD initiative.
“We are excited to partner with the ASISA ESD initiative and Edge Growth as we work towards our mission of providing accessible and affordable clean energy for all of Africa, I-G3N COO, Tumi Mphahlele, said in a statement.
As part of the investment, both Edge Growth and ASISA ESD have partnered with impact fund manager, Secha Capital.
A maker of lithium-ion battery packs, I-G3N designs, develops, and manufactures battery energy storage systems. The company serves over 60 000 installers of solar and backup systems across Southern Africa.
“With load-shedding becoming endemic in South Africa, and the recent change in electricity regulations for generation up to 100MW, this investment will help us serve larger segments of this growing market,” Mphahlele added.
The investment also aims to overall increase the adoption of renewable energy in the region. This, according to the company, will lead to job creation and the upskilling of local talent.
Funds partner on I-G3N investment
As part of the investment, both Edge Growth and ASISA ESD have partnered with impact fund manager, Secha Capital.
The fund manager has supported I-G3N during the last six months to formalise the company’s operations and strategy.
“We are excited to bring on-board the ASISA ESD initiative and Edge Growth at a key inflection point for I-G3N, where the capital provided will have a catalytic impact both in terms of financial growth of the business as well as job creation,” Secha Capital Principal, Yusuf Shaikh said.
“We are also excited to see more investments flow into these growing industries, where innovative, black-owned SMEs like I-G3N exist, and are best positioned for growth with the right forms of capital.”
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Featured image: Supplied/I-G3N
