InnoEnergy-backed Solaris Offgrid raises €1 million to tackle electricity poverty
Solaris Offgrid, the pay-as-you-go solar energy solutions provider working to improve access to electricity across rural populations, has raised more than €1M to fund R&D and grow into new markets "“ providing more homes and businesses with affordable, clean energy.
The funding comes as a direct result of Solaris Offgrid's success at The Business Booster, hosted by InnoEnergy, the innovation engine for sustainable energy across Europe. It will be used to support the firm both in growing its operations across the developing world and in continuing to create new, modular and scalable solutions for partners and customers.
Siten Mandalia, co-founder of Solaris Offgrid, says: "We're proud to have brought clean and safe electricity to almost 10,000 people, across six countries, since we began operations three years ago. But that's just the beginning. This latest round of funding will prove crucial as we work towards our ambition of providing power to 10 million people by 2022."
The most flexible off-grid solar solution in existence, Solaris Offgrid's pay-as-you-go technology can be scaled up from basic lighting to full-service communication, refrigeration and productive solutions "“ as and when customers need it. It has been particularly popular in Tanzania, where the company operates through its subsidiary Solaris Tanzania.
Alongside this, the company designs and manufactures integrated solutions for field partners, enabling them to provide affordable and sustainable energy access in off-grid areas "“ including in Kenya, Uganda, Nigeria, Benin and Senegal. Unlike other players in the industry, Solaris Offgrid combines its offer of modular hardware with tailor-made business support and cutting-edge proprietary cloud software "“ meaning that its partners have access to the exact solution that best meets their needs.
Josep-Miquel Torregrosa, Business Creation Officer at InnoEnergy, which has supported the venture through its InnoEnergy Highway acceleration program and invested more than €150,000 in the current investment round, says: "We're very proud of the progress Solaris Offgrid has made since joining our programme in 2016 and we're delighted that it is continuing to create impact with this latest investment. The success of this funding round, whose lead investor was met at the Business Booster event in Barcelona last year, is testament to the true power of the InnoEnergy offer, with events like the TBB."
Solaris Offgrid's investors include but are not limited to: InnoEnergy; rural electrification fund, GAIA Impact Fund; and impact venture builder, Zubi Labs.
Hélène Demaegdt at GAIA Impact, says: "We've been impressed by Solaris Offgrid's flexible mindset and focus on innovation. With this latest funding, we believe the company is now in a strong position from which to accelerate its growth into new areas, create long-term value for its shareholders and stakeholders, and positively impact the lives of millions affected by energy poverty in Africa."
