Africa: Solar Startup, BBOXX Raises US$2 Million to Expand Operations

BBOXX, a leading British off-grid solar startup, has raised US$2 million from Atlas Mara’s Rwandan entity, Banque Populaire du Rwanda (BPR) to expand operations in Rwanda.

Headquartered in London, BBOXX designs, manufactures, distributes and finances innovative solar systems to improve access to energy across Africa and the developing world.

Its products includes solar kits, residential solar installations, energy kiosks and efficient accessories such as LED lights, phone chargers, televisions and refrigerators.

Since launch in 2010, BBOXX has provided off-grid electricity to more than 350,000 people in 35 countries around the world.

Late last year, the startup secured US$20 million in a Series C round to expand in existing markets and launch its products in other markets including Nigeria and Cameroon.

This fresh fund, described as first of its kind in the industry, will enable it to further grow its operations in Rwanda, where it has already deployed 20,000 systems, and provide jobs for over 300 Rwandans.

“We are excited about the growth potential for the Rwandan residential solar market and the support we are receiving from BPR,” said Justus Mucyo, Head of Retail Operations, Africa.

He added, “This marks not just the beginning of our relationship with the bank but accelerates the Government of Rwanda’s vision of 40% off-grid household energy access by 2018. BBOXX is poised to inject another $200 million to realise that vision within the timeframe.”

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