Renewable energy is finding a stronger foothold, thanks to the discourse over global warming. Among the numerous renewable energy sources, solar is widely and readily available, since the sun shines for a large part of the year. As a result, lots of countries and startups are pursuing solar energy with serious intent.
Secured €45 million from Mitsubishi Corporation
One such startup is the London-based BBOXX that designs, manufactures, and distributes plug and play solar systems. Recently, the company has closed a $50 million (approx €45 million) Series D funding round led by Mitsubishi Corporation, a globally integrated business enterprise headquartered in Japan, which led the round.
Other investors include ENGIE Rassembleurs d’Energies, Bamboo Capital Partners, DOEN Participaties, and MacKinnon, Bennett & Company.
On the right path!
This investment is followed by a series of deals and strategic partnerships, including the $31 million (approx €28 million) investment from Africa Infrastructure Investment Managers in January. Last year EDF, the world’s leading electricity company, became a joint shareholder in BBOXX Togo with a 50% stake.
Mansoor Hamayun, CEO and Co-founder, BBOXX, said:
Our Series D round is made up of investors spanning three continents and is a testament to how the global community is embracing sustainability. BBOXX provides the technology and the scalability that makes us a tool for development and brings us closer to meeting the United Nation’s Sustainable Development Goals (SDGs).
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.
Operates in 12 countries in Africa!
This funding will further enable BBOXX’s international expansion and fuel its mission to use technology to unlock potential and transform millions of lives worldwide. Also, it will help drive the company’s growth across Africa, where it currently operates in 12 countries, as well as in Asia.
Plug and play solar systems
Founded by Christopher Baker-Brian and Laurent Van Houcke in 2010, BBOXX designs, manufactures, and distributes plug and play solar systems to enhance access to energy throughout Africa.
With this plug and play systems, consumers will have the ability to have a western energy experience off-the-grid and in rural areas. The company focuses on providing access to the fundamental need for access to electricity combined with superior customer service.
Positively impacted 1 million people!
To date, BBOXX has positively impacted nearly one million people through access to pay-as-you-go (PAYG) solar energy using mobile money. The company has installed 200,000 solar home systems (SHS) which are remotely monitored via BBOXX Pulse.
Uses IoT and data!
Furthermore, this digital platform harnesses the Internet of Things technology and data to provide utilities at a large scale. Additionally, the London-based startup has replicated this model to provide clean cooking solutions using LPG with ambitions to deliver other services and products in new markets as well.
Owns and operates about 6,100 MW
It’s worth mentioning that, the Mitsubishi Corporation’s Power Solution Group currently owns and operates about 6,100 MW of net generation capacity globally as of 30th June 2019 including wind, solar and other types of renewable energy.
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