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Next generation utility BBOXX has successfully closed a $50 million Series D funding round. The financial milestone includes substantial investment from Mitsubishi Corporation, which led the round.

The cash injection will further enable the company’s international expansion and fuel its mission to use technology to unlock potential and transform millions of lives worldwide.

BBOXX has positively impacted nearly one million people to date through access to pay-as-you-go (PAYG) solar energy using mobile money.

The company has installed 200,000 solar home systems, which are remotely monitored via BBOXX Pulse.

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This digital platform harnesses Internet of Things technology and data to provide utilities at a large scale.

The company has replicated this model to provide clean cooking solutions using LPG with ambitions to deliver other utilities and products in new markets.

The investment from Mitsubishi Corporation will help drive with the growth across Africa, where the company currently operates in 12 countries, as well as in Asia.

Mansoor Hamayun, CEO and co-founder, BBOXX, said: “The funding is further evidence of Japanese interest in Africa and in PAYG solar energy globally. Mitsubishi Corporation’s extensive reach, sector-specific and technological expertise will help us to reach more people without reliable access to modern utilities and services at an even greater scale.”

Combating climate change

Hamayun continued: “Our Series D round is made up of investors spanning three continents and is a testament to how the global community is embracing sustainability. BBOXX provides the technology and the scalability that makes us a tool for development and brings us closer to meeting the United Nation’s Sustainable Development Goals (SDGs).”

Mitsubishi Corporation is said to be active in areas that help to combat climate change and secure sustainable supplies of energy to support a transition to a low carbon society.

The participants in the Series D round are ENGIE Rassembleurs d’Energies, which promotes access to sustainable energy for all and is affiliated to ENGIE Group; Luxembourg-based pioneering impact investor, Bamboo Capital Partners; DOEN Participaties, a Dutch impact investment fund supporting sustainable and social startups; and MacKinnon, Bennett & Company (MKB), a Montreal-based growth equity firm focused on the clean energy, transportation, and smart city sectors.

Enexus Finance acted as the lead financial advisor, in collaboration with Clairfield International.

“We are proud to participate in this landmark transaction, which arguably represents one of the most significant investments in the (off-grid energy) industry in Africa in the last few years,” said Julien Lefilleur, managing partner of Enexus Finance.