Mozambique based pay-as-you-go (PAYG) firm, SolarWorks! has raised €2 million fund. The investment round was led by EDP Renováveis (an EDP Group subsidiary) in partnership with venture building firm, Persistent Energy Capital LLC.
The investment will boost the international expansion of SolarWorks! in Southern Africa, where the company has been operating as a PAYG business since 2016.
SolarWorks! sells solar home systems and related products to off-grid households and small businesses in rural and peri-urban areas. With over 170 employees, SolarWorks! is currently preparing to expand from Mozambique to Malawi.
Arnoud de Vroomen, CEO and co-founder at SolarWorks! said, “The potential of the off-grid energy market in Africa is enormous. Persistent has been the ideal partner for us to build SolarWorks! to where it is today. EDPR is one of the biggest players in the world in renewable energy and we consider ourselves fortunate to welcome them as a partner with SolarWorks! and Persistent, to achieve our next phase of growth.”
“We are very proud of SolarWorks! and their development into the most dynamic PAYG company in Southern Africa. We are delighted that EDP Renováveis will be investing and providing their expertise to continue SolarWorks! on its successful growth trajectory.” Arnoud de Vroomen said.
SolarWorks! B.V. is a Dutch company that has been active in Southern Africa for ten years, offering a range of quality solar products. Its key product line relates to Solar Home Systems (SHS) which give people access to energy for the first time in their lives and covers needs like lighting and charging mobile phones, while larger systems can offer television and refrigeration.