I-G3N, a company that creates lithium-ion batteries, has raised US$1.3 million in funding.
Edge Growth and the ASISA ESD initiative invested in I-G3N, the only black empowered female-owned SME to successfully create lithium-ion batteries exclusively for the African continent.
I-G3N is one of a few South African lithium-ion battery manufacturers serving over 60,000 solar and backup power system installations in Southern Africa, and its high-quality batteries have some of the lowest failure rates on the market.
While the technology underpinning renewable energy is worldwide, I-G3N provides a local, economical, and reliable battery storage solution for solar installers, energy integrators, and consumers.
Edge Growth and the ASISA ESD initiative have partnered with Secha Capital, an impact fund manager that shares a common vision of creating value through financial returns, job creation, funding of South African black-owned businesses, and positive environmental outcomes, in recognition of I-capability G3N’s in designing, developing, and manufacturing battery energy storage systems.
“We are excited to partner with both I-G3N and Secha Capital in a transaction that embodies our mission to invest in local, impactful, innovative, and high-growth businesses, and to team up with outstanding, values-aligned, and value-adding investment partners,” said Shrivar Mohan, Edge Growth’s investment principal.
Secha Capital has been assisting I-G3N with formalizing operations and redefining its go-to-market strategy for the past six months.
“We are pleased to welcome the ASISA ESD project and Edge Growth to I-G3N at this critical juncture, when the cash supplied will have a catalytic impact both in terms of financial growth and job creation,” said Yusuf Shaikh, principal at Secha Capital.
“We are thrilled to join forces with the ASISA ESD program and Edge Growth to further our aim of making sustainable energy accessible and cheap to everyone of Africa. “This investment will enable us to fulfill the growing need for high-quality, locally manufactured, and reliable battery storage solutions,” said Tumi Mphahlele, I-Chief G3N’s Operations Officer.
This investment and partnership will not only assist I-core G3N’s target sectors grow, but it will also help to increase renewable energy adoption, create jobs, and upskill local people in the growing energy storage business.