African pay-as-you-go energy provider company, Azuri Technologies, recently secured a $26 Million investment from the Japanese company, Marubeni. According to a press release, Azuri will leverage the fund to expand more into East and West Africa. Azuri Technologies’ old shareholders like IP Group Plc participated in the round, which is the company’s 5th fundraising round. The company raised the sum of $53.5 Million in total.
The company plans to explore new markets by rolling out its lighting, TV and other solar-enabled products. This will enable the company to drive energy inclusion in off-grid communities across Africa. Marubeni Corporation trusts that Azuri’s business model will disrupt the African off-grid energy market.
See also: Why South African Government is Delaying the Use of Solar Energy in Farms
Azuri Technologies was founded in 2012. The company solely deals on the provision of solar home systems to off-grid communities in Africa. They specialize in pay-as-you-go solar energy solutions, with operations in Nigeria, Kenya, Tanzania, Uganda and Zambia. They have sold over 150,000 systems in Africa since inception.
Azuri’s CEO Simon Bransfield-Garth said they are delighted about Marubeni Corporation and existing shareholders investment. He said this new backing demonstrates the increasing reach of off-grid power.
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