Berlin-based ecoligo, a company that claims to be leading the clean energy transition around the world, announced that it has raised €11M in an oversubscribed funding round.
Existing investors led the round, joined by two new investors: The Energy Entrepreneurs Growth Fund, supporting companies in the energy access ecosystem in Sub-Saharan Africa; and Gaia Energy Impact Fund II, a French VC fund focusing on impact companies in markets along the energy value chain.
Martin Baart, founder and CEO of ecoligo, says, “We are proud to have won two additional reputed investment funds of our growth story in the spirit of the global energy transition. In the currently difficult market environment for scale ups, this is a massive success.”
“We are also very pleased that existing shareholders, such as EIT InnoEnergy also participated in this round and demonstrated their continued belief in the company.”
“We and our retail investors have helped many companies to independently cover their energy needs. This motivates both us and our investors,” adds Baart.
Capital utilisation
ecoligo intends to use the funds to strengthen its market presence in the solar project sector and introduce new financial products in the German market. The company also plans to extend its financial product range to chosen European countries.
Having implemented 130 solar systems globally, valued at €40M, ecoligo’s projects, operating in emerging countries, are anticipated to prevent over 1.7 million tons of CO2 emissions throughout their expected lifespan.
Jan Henrik Kuhlmann, Head of Direct Investments at Triple Jump, says, “We are delighted to announce our continued support and investment in ecoligo.”
“Their commitment to providing accessible solar solutions in emerging markets for commercial and industrial clients aligns seamlessly with our mission to catalyse the transition towards renewable energy.”
“We believe that this follow-on investment will further propel ecoligo towards achieving its ambitious goals and solidify its position as a leader in the renewable energy market.”
“With this latest investment, ecoligo is poised to expand its reach, accelerate project development, and forge new partnerships to drive even greater impact in the renewable energy sector.”
Brief about ecoligo
Founded in 2016 by Martin Baart and Markus Schwaninger, ecoligo claims to be an impact investment provider specialising in solar-as-a-service projects in emerging markets.
The company operates in 11 countries, including Kenya, Vietnam, and Chile. ecoligo collaborates with committed and environmentally conscious private investors to implement solar installations on company buildings, contributing to the global energy transition.
By providing solar energy to commercial and industrial enterprises in growing economies, ecoligo addresses the climate crisis, saving over one million tonnes of CO2 through fully financed Solar-as-a-Service projects.
These initiatives result in financial savings for customers and support sustainable growth.
Besides Berlin (Germany), ecoligo has offices in Accra (Ghana), Nairobi (Kenya), San José (Costa Rica), Santiago de Chile (Chile), Ho Chi Minh City (Vietnam) and Manila (Philippines).
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