EDFI ElectriFI is injecting a $6 million revolving working capital facility to Amped Innovation, a company designing and supplying high efficiency, lower-cost solar home systems (SHS) and appliances for distributors across the world.
$4 million will come from EDFI EectriFI’s global facility and $2 million from the Nigeria Country Window.
Amped Innovation focuses on solar equipment with integrated pay-as-you-go functionality such as high-performance lighting, televisions, cold-chain appliances and DC-AC inverters. The company’s products offer high quality, reliable technology solutions that are also affordable to low-income population segments.
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Amped Innovation gained recognition through a number of technology awards; its solar water pump and solar fridge were named Global LEAP awards finalists in 2019, and it was awarded a $219,000 R&D grant from Efficiency for Access for its continued innovation of off-grid refrigerators.
Natalia Svarinska, ElectriFI senior investment officer at EDFI Management, explained: “This working capital facility is the first such instrument offered by ElectriFI. By financing Amped Innovation’s working capital needs, our debt financing will allow the company to use its cash resources on research and development and other corporate needs.”
EDFI ElectriFI is collaborating with the government and the EU Delegation in Nigeria to accelerate renewable energy access in the country. Amped also benefited from the advisory and facilitation services of the European programme GET.invest.
Andrea Kleissner, co-CEO at Amped Innovation, said: “The EDFI working capital facility will accelerate Amped’s deployment of energy access solutions into over 20 countries across Africa and Southeast Asia.”
“With each new customer order, Amped can draw on the EDFI facility to finance inventory purchasing. This cash availability is crucial – smoothing cash flow just when it is needed in the manufacturing production cycle,” concluded Kleissner.