Off-grid power provider BBOXX receives $20 million investment round to expand presence in Africa
Written By: Stratton Report
August 30, 2016
On August 30, BBOXX, an off-grid solar company, announced it had closed a $20 million Series C investment from co-investors MacKinnon, Bennett & Company and ENGIE Rassembleurs d’Energies, as well as existing investors Khosla Impact Fund, Bamboo Finance and DOEN Foundation. In addition, BBOXX is supported by KawiSafi Ventures, described by BBOXX as a $100 million private equity fund focused on the off-grid energy sector in East Africa. BBOXX will be the fund’s first investment.
The company has a distributed energy platform, utilizing what it describes as data-driven technology and a solar home system to deliver off-grid energy on a utility scale. Per BBOXX, the company has provided off-grid electricity to more than 350,000 people in 35 countries around the world.
The investment will support an expanded presence in Kenya and Rwanda, where BBOXX owns and operates retail distribution networks. The investment will also accelerate the provision of licensed BBOXX products and services in other markets, including the creation of three franchises in the West African countries of Cameroon, Ivory Coast and Nigeria.
Laure Vincotte, Managing Director of ENGIE Rassembleurs d’Energies observed: “We are excited about the growth potential for the African off-grid solar market and delighted with BBOXX’s rapid development. We feel that BBOXX’s technology is fully in line with ENGIE Rassembleurs d’Energies’ objectives of promoting sustainable and scalable energy solutions for all.”
“We are excited about the growth potential for the African off-grid solar market and delighted with BBOXX’s rapid development. We feel that BBOXX’s technology is fully in line with ENGIE Rassembleurs d’Energies’ objectives of promoting sustainable and scalable energy solutions for all.”
Patrick Bennett, VP at MacKinnon, Bennett & Company remarked: “BBOXX is building the next generation of energy services – connected, distributed, renewable and focused on customer service. We see a strong opportunity for BBOXX’s licensed products and services to act as a foundation for a rapidly growing new sector in the global utility market.”
CEO Mansoor Hamayun of BBOXX commented: “We have built an innovative, data-powered technology platform for the next generation of distributed utility companies. We are thrilled to have ENGIE Rassembleurs d’Energies, KawiSafi Ventures and MKB as our lead investors – it will bring credibility to our industry and much needed scale. We are already deploying systems at the fastest rate in East Africa, at 10kWp of solar per day, and I am excited that we will continue to grow quickly over the next few years.”