A crowdfunding initiative between TRINE, a platform for sustainable investments to accelerate energy access, and BBOXX, a next generation utility deploying off-grid solar systems in the developing world, has raised $1.2 million under a month.
TRINE and BBOXX launched its first of six crowdfunding rounds on 10 February. The $1.24 million target was hit on 9 March, making it the fastest fundraiser of debt finance ever in the industry.
The loan will be disbursed at the beginning of April and enable BBOXX to scale up its operations in Kenya.
Crowd-investors can invest as little as $30.89 on TRINE’s platform to bring clean energy where it is needed the most.
Around 1,500 individuals across Europe have already invested via TRINE and it is expected this number will grow as new fundraising activity commences over the coming months.
The targeted $6.47 million investment will be the largest crowd sourced capital raised in the history of off-grid solar energy.
Sam Manaberi, CEO and co-founder of TRINE, said: “We’ve tripled our funding capacity on the platform - it’s an increase of 300% in a month, which is fantastic. It shows a very large demand for sustainable investments and that TRINE’s product solves a large problem.”
Off-grid solar energy is a sector where access to finance is key and the partnership between TRINE and BBOXX enables channeling of unlocked finance from private individuals while solar companies like BBOXX get access to much needed capital to continue providing thousands of people in rural communities with clean energy.
Mansoor Hamayun, CEO and co-founder of BBOXX, said: “The speed at which these funds were raised shows the enormous interest in tackling energy poverty. There are over 1 billion people without access to reliable electricity; it is a truly global challenge.
”Our smart solar systems provide reliable energy access, delivering power for lights, home appliances and smartphones, which make a huge impact to economic development among the world’s poorest communities.
”We will be using the €1 million raised to expand our operations in Kenya to deliver the on-grid experience to a further 10,000 households.”