To support continued expansion and new product development, Off Grid Electric has secured the largest venture equity investment worth $55 million in Series D funding led by Helios with support from GE Ventures and existing investors.
Off Grid Electric, through its consumer brand Zola, combines Silicon Valley technology with local expertise to offer African homes and businesses rooftop solar as a solution to an ‘unreliable or non-existent grid’. Read more…
The company’s co-founder and CEO, Xavier Helgesen, said: “2017 was a memorable year for Off Grid Electric. We achieved operating profitability in our largest market, launched a transformative new phase of product and technology development, and established clear market leadership in four African markets.”
The company currently provides power to more than 150,000 homes and businesses across Tanzania, Rwanda, Côte d’Ivoire, and Ghana.
Extended off-grid solar solutions offered in West Africa
Off Grid Electric and EDF first partnered for a joint venture in Côte d’Ivoire in November 2016.
Building on their success in Côte d’Ivoire, where the company already has over 10,000 customers, the pair is expanding their partnership to Ghana. Both companies will operate and share financial risks.
The Ghanaian company CH Group will join Off Grid Electric and EDF, and hold a 20% share in the partnership.
“For us, the sale of 10,000 off-grid kits in Côte d’Ivoire within the space of just a few months is living proof of the appeal and efficiency offered by off-grid solutions. We are delighted to be entering the Ghana market with Off Grid Electric and are already putting together innovative new off-grid solutions to support the energy transition in Africa,” said Marianne Laigneau, group senior executive Vice-President at EDF.
Laigneau added: “Off-grid power is thus becoming a strong contributor to the expansion of our business and fits perfectly into our CAP2030 strategy, which aims to triple the EDF Group’s international business outside of Europe by year 2030.”
Featured image: Stock