Solaris Offgrid raises funding to tackle electricity poverty18/05/17Energy
Solaris Offgrid, the solar energy solutions provider, has raised more than €1m to fund research and development (R&D) to provide more homes and businesses with affordable, clean energy.
The funding comes as a result of Solaris Offgrid’s success at The Business Booster (TBB.), hosted by InnoEnergy. It will be used to support the firm both in growing its operations across the developing world and in continuing to create new, modular and scalable solutions for partners and customers.
Siten Mandalia, co-founder of Solaris Offgrid, said: “We’re proud to have brought clean and safe electricity to almost 10,000 people, across six countries, since we began operations three years ago.
“But that’s just the beginning. This latest round of funding will prove crucial as we work towards our ambition of providing power to ten million people by 2022.”
Solaris Offgrid’s pay-as-you-go technology can be scaled up from basic lighting to full service communication, refrigeration and productive solutions. It has been particularly popular in Tanzania, where the company operates through its subsidiary Solaris Tanzania.
The company also designs and manufactures integrated solutions for field partners, enabling them to provide affordable and sustainable energy access in off-grid areas – including in Kenya, Uganda, Nigeria, Benin and Senegal.
Josep-Miquel Torregrosa, business creation officer at InnoEnergy, which has invested more than €150,000 in the current investment round, said: “We’re very proud of the progress Solaris Offgrid has made since joining our programme in 2016 and we’re delighted that it is continuing to create impact with this latest investment.
“The success of this funding round, whose lead investor was met at The Business Booster event in Barcelona last year, is testament to the true power of the InnoEnergy offer, with events like the TBB.”