UK-based BBOXX, an off-grid solar company that provides pay-as-you-go energy solutions, has secured a $50m investment in its Series D funding round, to scale business across African and Asian markets.
Excited to announce we’ve just closed a $50 million Series D funding round with a substantial investment from #Mitsubishi – to further our international expansion and mission to use technology to transform lives and unlock potential https://t.co/0LjdJzdVRo #TransformingLives pic.twitter.com/itEkJNNJOA
— BBOXX (@BBOXX_HQ) August 28, 2019
The investment series was by led Mitsubishi Corporation, while ENGIE Rassembleurs d’Energies, Bamboo Capital Partners, DOEN Participaties, MacKinnon including Bennett & Company (MKB) also participated in the round.
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Speaking on the investment, Mansoor Hamayun, the CEO of BBOXX said the company will leverage Mitsubishi’s extensive reach and technological expertise to reach more people without access to modern utilities and electricity in both Africa and Asia. The fund also proves Japan’s interest in Africa and Pay-As-You-Go(PAYG) solar energy, globally.
BBOXX uses mobile money to charge customers for the mini solar panels and ultra-efficient lighting strips and also has a fixed payment contract which runs for two years. The company has installed over 200,000 Solar Home Systems (SHS) which is monitored remotely via BBOXX Pulse – their software that uses the Internet of Things technology to track customers’ energy usage. BBOXX plans to expand its business scope to include gas, water, internet, and loan provision.
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