Off-Grid Solar Solutions Provider BBOXX Raises $50 Million Funding Led by Mitsubishi
The funding will help BBOXX expand its operations in Africa and Asia
BBOXX, an off-grid solar solutions provider, has raised $50 million (~₹3.58 billion) in a Series D round of funding.
Mitsubishi Corporation led the round by investing a significant amount. According to Mercom, BBOXX has raised over $120 million (~₹ 8.59) in venture capital (VC) funding to date.
BBOXX was founded in 2010 to provide clean electricity through the supply of solar home systems comprising solar panels, battery storage, and a variety of home appliances using PAYGO (pay-as-you-go) business model, a mobile payment method helping customers to pay according to their energy usage. The company has installed 200,000 solar home systems that are remotely monitored by BBOXX Pulse™ that uses the internet of things to generate electricity at a large scale. The company also provides clean cooking solutions using LPG (liquid petroleum gas).
United Nations has revealed that over 600 million of sub-Saharan Africa’s people live in off-grid areas. These are areas with no access to large scale transmission or distribution networks and where electricity is scarce. Providing solar home systems will primarily tackle issues related to indoor lighting in these areas.
The funding will enable BBOX’s growth in Africa, where the company already has a presence in twelve countries. The company will also make its presence felt in regions across Asia.
“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,” said Mansoor Hamayun, CEO and co-founder of BBOXX.
The other participants in this Series D round of funding were ENGIE Rassembleurs d’Energies, Luxembourg-based, Bamboo Capital Partners, DOEN Participaties and MacKinnon, Bennett & Company (MKB). Mitsubishi Corporation is a global integrated business enterprise headquartered in Japan.
Recently, BBOXX had announced that its crowdfunding initiative had reached the €6 million (~$6.78 million) mark.
BBOXX, also announced that Africa Infrastructure Investment Managers (AIIM), through its AIIF3 fund, is investing $31 million for a minority stake in the company.
Image Credit: USAID in Africa [Public domain]
Ramya Ranganath is an Associate Editor and Writer for Mercom Communications India. Before joining Mercom, Ramya worked as a Senior Editor at a digital media supply chain solutions company. Throughout her career, she has developed end-to-end content for various companies in a wide range of domains, including renewables. Ramya holds a bachelor’s degree in Mechanical Engineering from M.S. Ramaiah Institute of Technology and is passionate about environmental issues and permaculture.