d.light welcomes investment from Shell on its journey to impact 100 million lives
Shell’s investment will support d.light in its next phase of continued profitable growth as it positively impacts millions of customers, while giving several early investors a successful exit.
November 6, 2019 — d.light, a leading innovator of solar energy products headquartered in San Francisco, announced today that Shell’s New Energies business* has acquired a minority stake in the company, buying out several early-stage investors as they move on to new projects, underscoring the sector’s increasing commercial viability. This latest development comes as d.light moves closer to its ambition of positively impacting 100 million lives with its solar-powered solutions in over 70 developing countries.
Commenting on the investment, d.light co-founder and CEO Ned Tozun said, "We are excited to have Shell join d.light as a shareholder. Shell’s record of leading important, transformative changes within the energy sector, and their alignment with our mission, makes them an ideal partner for d.light as we begin our next phase of major growth. We would like to thank our early investors who had faith in us from the start. Thanks to their enduring support, they have enabled d.light to enable incredible positive impact in the lives of millions of customers while still achieving strong financial outcomes. We have great confidence that we will continue to accelerate and deepen this impact, as we expand our geographic footprint and product portfolio to delight our customers. The future is truly bright for d.light and the offgrid solar industry as a whole.”
Shell Vice President Energy Solutions Brian Davis said, “We are impressed by d.light’s track record in meeting evolving customer needs for access to electricity across both Africa and Asia. Their experienced team has developed efficient sales and distribution channels in these markets and continues to expand their product range. We look forward to supporting d.light to realize its growth ambitions. With this latest investment, Shell takes a step closer to meeting its ambition to provide a reliable electricity supply to 100 million people in the developing world by 2030.”
Isabelle Hau, Investment Partner at Omidyar Network, one of d.light’s prominent early investors, welcomed the announcement: “d.light has achieved remarkable direct impact at scale with nearly 100 million lives reached, and sector-level impact by transforming energy access and catalyzing an entire new off-grid power ecosystem. d.light has generated both social impact at scale and solid financial performance, demonstrating that social impact and financial returns are not mutually exclusive. With the new investment from Shell, early impact investors including Omidyar Network are able to successfully exit as they would with any other type of commercial venture.”
This transaction is subject to customary conditions precedent including regulatory approvals.
Clermount acted as exclusive financial advisor of d.light and exiting shareholders in this transaction.