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Partech has led a Series A investment round for an undisclosed amount in Beacon Power Services (BPS), an energy tech company providing data and grid management solutions.

Other investors in the round included  Finnfund, Gaia impact, Proparco Groupe AFD and previous investors Kaleo Ventures and Seedstars Africa Ventures. 

Additional investors in this round include Clermount, Global Brain and its CVC partner JGC MIRAI Innovation Fund, and On.Capital.

The funding will enable BPS to enhance its product offerings, support growth in its current operations, and expand into new markets across Eastern and Southern Africa.

“With an exceptional track record in transforming grid management for utilities in Nigeria and Ghana, Beacon Power Services has established itself as a leader in addressing Africa’s energy challenges through data-driven solutions,” said Cyril Collon, General Partner at Partech. 

“We believe in the potential of African founders to solve the continent’s most pressing issues, and BPS embodies the type of company our Partech Africa Fund II was created to support. We look forward to partnering with BPS as they scale their operations and increase their impact across Africa.”

Africa’s power grids face significant challenges, with utilities struggling to provide consistent service due to outdated infrastructure and unreliable data. BPS is transforming how African utilities manage the grid by providing data-driven solutions specifically designed to meet the unique needs of the continent’s power sector.

CAIMS (Customer and Asset Information Management System) is an AI-enabled digital mapping (GIS) and address platform that helps utilities gather and organize data more effectively. This allows utilities to make smarter, data-driven decisions and deliver better service to millions of customers.

ADORA offers real-time grid monitoring and control, helping utilities enhance operational efficiency and manage their power distribution more effectively to reduce outages. BPS products have already led to significant growth in Ghana, where BPS helped the Electricity Company of Ghana (ECG) fully digitize its operations, delivering reliable power to more than five million customers, while doubling revenue in just two years. 

Since its seed round in 2022, BPS has expanded significantly, now employing over 200 people across Nigeria, Ghana, Kenya, Zambia, and the U.S. This growth highlights the company’s commitment to addressing Africa’s energy challenges through a global team and scalable, data-driven solutions.

As BPS continues to grow, it is prioritizing enhancements to its operational and R&D capabilities. With an impact on over 50 million consumers and businesses and more than 1 billion grid data points processed each day, BPS is well-positioned to drive a sustainable energy future across Africa.

With the Series A funding, BPS plans to continue enhancing its product offerings while expanding across the continent to address Africa’s grid challenges more effectively.

“We are at the forefront of transforming Africa's energy infrastructure through advanced software that enables utilities to deliver more reliable electricity, optimize their operations, and decrease reliance on diesel generators. Central to our approach is providing real-time insights and actionable intelligence to utility companies across the continent. Energy challenges faced, especially in urban centers, cannot be resolved without the right data, which is the foundation of all our solutions,” said Bimbola Adisa, Founder & Chief Executive Officer of BPS.

Clermount acted as a financial advisor to Beacon Power Services in this transaction

IFC, a member of the World Bank Group, in partnership with Social Investment Managers and Advisors LLC (SIMA Funds or SIMA) and other financiers have reached the first close of a $150 million solar green bond, which will finance productive-use solar projects throughout Africa.

The bond will finance one of the largest impact-driven funds exclusively focused on furthering the rooftop solar sector in Africa, with an emphasis on small and medium-sized enterprises, which are harder to reach. It will offer short-term corporate financing and project financing of up to 10 years to support the growth of small and medium-size local developers for individual projects less than 5 megawatts (MW), focusing on manufacturing, services, education, healthcare, and agri-processing.

This is the first investment under the IFC and Global Energy Alliance for People and Planet (GEAPP) partnership to make strategic investments in distributed renewable energy (DRE) solutions, principally in Sub-Saharan Africa. IFC’s $45 million financing package for the solar green bond includes a $25 million IFC own-account loan and subordinated loans of $11 million from the Finland-IFC Blended Finance for Climate Program and $9 million from GEAPP.

Additional lenders for the $131 million first close include the Shell Foundation, the US Development Finance Corporation, the Schmidt Family Foundation, FMO, the Dutch entrepreneurial development bank, the German development finance institution (DEG), the Belgian Investment Company for Developing Countries (BIO), the Development Bank of Austria (OeEB). SIMA expects a second close led by private sector investors for an additional $25 to $30 million by April 2024.

Increasing access to clean, reliable, and affordable energy in Africa is key for achieving the Sustainable Development Goals and enhancing climate resilience. The bond aims to finance over 220 MW of on-site solar energy and energy storage projects that will provide energy savings, enhance value chains, and reduce fossil fuel consumption and carbon emissions by an estimated 4 million tons over the life of the assets.

“Although demand for solar solutions is growing rapidly, access to affordable financing is a major bottleneck for Africa’s smaller businesses. Solar projects still have higher capital costs than alternative polluting technologies, leading to continued heavy reliance on fossil-fuel backup generators,” said Sérgio Pimenta, Regional Vice President for Africa, IFC. “We’re pleased to be participating in this innovative partnership to help advance sustainable energy solutions.”

Vinay Bandaru, Partner, SIMA Funds, elaborated, “C&I solar presents a great opportunity to solarize productive use sector and impactful institutions such as hospitals and educational institutions. We are not chasing deals but identifying good developers to partner with and to do multiple projects with them while also providing coordinated technical assistance to help create a sub-segment of SMA developers focused on project less than 5MW. This bond is unique with its ESG numeric scorecard, ensuring a clear, quantifiable impact on environment, society, and governance. Our partnership with IFC enables us to channel our innovative approach to financing to many interested developers in Africa’s Least Developed Countries.”

“We are proud to partner with IFC and SIMA in the launch of this solar green bond that can help scale universal energy access and a just energy transition for Africa,” said Joseph Ng’ang’a, Interim CEO at GEAPP. “The transformation of renewable energy systems requires innovative financing models that can address investment gaps, which are one of the persistent barriers facing renewable energy entrepreneurs. Through this partnership we are demonstrating the viability of such models and the critical need for cross sector collaboration to help break down silos, pools resources, and encourage innovation.”

Support from Finland was also essential: “It is a strategic priority for Finland to partner with African countries to enable sustainable growth on the continent. Access to energy is essential for promoting economic growth, prosperity and innovation,” said Juha Savolainen, Deputy Director General of the Department for Development Policy at the Ministry for Foreign Affairs of Finland. “We also know that small and medium-sized enterprises are the engines of growth and crucial for creating new jobs. However, it is often difficult for SMEs to access finance. We are glad to have this opportunity to enable IFC to participate in this transaction.”

Moody’s has assigned the highest grading as part of their independent opinion on the Bond’s sustainability.

Clermount acted as financial advisor to SIMA in this transaction.

Contents.com raises $18M for AI-driven multilingual enterprise content generation

Milan-based Contents.com, a startup that uses artificial intelligence to provide multilingual content generation services, announced the company has raised $18 million in new funding to grow its multiple large language model generative AI platform.

The company’s Series B fundraise was led by Alkemia Capital and Thomson Reuters Ventures. FNDX and Invictus Capital also contributed to the round.

Founded in 2021, Contents.com provides content creation and orchestration capabilities for enterprise customers using multiple large language models in concert capable of producing media in multiple formats including text, images, audio, video and animations across multiple languages. This provides marketing, e-commerce and business development teams a quick way to produce materials for everyday business operations, the company says.

“In an era where innovation drives progress, Contents.com aims to assist global companies to stay ahead,” said founder and Chief Executive Massimiliano Squillace. “This funding will push us beyond traditional boundaries, revolutionizing high-quality, multilingual content creation globally.”

The company’s global reach extends through many regions that use different languages including Europe, Latin America, North America and Asia. The company says that its use of multiple LLMs to produce generative content allows workers to quickly mock up content in the native language of audiences and this makes it an indispensable tool for getting materials ready for production.

Customers of Contents.com include the multinational home furnishing company IKEA, financial services company Allianz SE, networking technology company Netgear Inc., and online travel and leisure retailer Lastminute.com.

Alongside delivering content creation, customers can also use the Contents.com platform for multilingual AI translation and transformation. The platform is available as software as a service, which enables customers to localize their content to whatever audience is reading their website or application. The platform is capable of supporting more than 25 different languages.

Contents.com is available as a WordPress plugin, making it simple to integrate into one of the most popular content management systems and blogging platforms in the world. Using the plugin users can provide a title, a brief summary and a tone of voice and the AI will write an article for them, including search engine optimization.

For customers interested in delivering a more intimate experience to their users, the platform also provides an AI conversational chatbot capable of a multilingual experience. The AI chatbot supports English, Spanish, French, German, Italian and Brazilian Portuguese.

Clermount acted as financial advisor to Contents.com

London, November 29, 2023 - GoMetro, a tech company that operates in the fleet management space, raises $11.4 million in a Series A funding round led by Zenobē Energy, a strategic investor renowned for financing and operating electric buses.

Zenobē Energy also engages in large-scale battery projects for wind farms, with the U.K.’s National Grid among its valued customers (notably, the London-based company recently secured a $750 million investment from KKR, earmarked for fleet electrification financing). The fleet electrification platform, which finances large electric buses and trucks in the U.K., Australia, and New Zealand and an interest in the U.S., currently manages and finances about 25% of the entire electric bus fleet in the U.K.

GoMetro serves as a SaaS fleet management technology platform that focuses on vehicle data via Bridge, its flagship product that functions as a telemetry and data aggregator. Regardless of the vehicle’s make or model — whether it’s a Mercedes, BYD, or Yutong — Bridge consolidates all the relevant data of these vehicles into a unified platform.

Recognizing the importance of robust data quality in driving financing is behind Zenobē Energy’s lead investment in GoMetro, which specializes in logistics optimization software. As such, this collaboration — Zenobē Energy’s electric transport-as-a-service model and GoMetro’s multiple-OEM platform, Bridge — aims to enhance the capabilities and services offered to Zenobē’s extensive customer base.

Other investors in the round include new backers Futuregrowth, ESquared Ventures, Kalon Venture Partners and angel investor Greg Fury. Existing investors like 4 Decades Capital, Hlayisani Capital and Tritech Global participated.

Clermount acted as financial advisor to GoMetro in this transaction.

IBL Energy Holdings Ltd (IBL Energy), a fully owned subsidiary of the IBL Group, the largest conglomerate of Mauritius, is the lead investor of a consortium that has signed an agreement to acquire a majority stake in Equator Energy Ltd (Equator Energy), a leading commercial and industrial solar operator in East Africa. IBL’s partner in the consortium is STOA, an impact fund created by Caisse des Dépôts et Consignations (CDC) and Agence Française de Développement (AFD). 

Equator Energy operates the largest commercial and industrial solar power portfolio in East Africa, mainly in Kenya and Uganda, with smaller operations in Zimbabwe, Somalia, Gambia, and South Sudan. They provide fully integrated renewable energy systems, with solutions ranging from simple grid-tied systems to solar-diesel hybrid systems to fully autonomous off-grid systems. Their management and technical teams are headquartered in Nairobi, Kenya and they have maintenance teams throughout Kenya and their other jurisdictions. Since its inception in 2016, Equator Energy has shown strong and sustained growth, with its portfolio currently standing at 35MW of solar plants in operation.

This investment in Equator Energy is in line with IBL’s ‘Beyond Borders’ expansion strategy, which saw the group completing an equity investment into Naivas, the leading supermarket chain in Kenya, and approving (subject to conditions) a further equity investment in Harley’s, one of the leading medical and pharmaceutical distributors in Kenya.

“After acquisitions for our Commercial & Distribution cluster, I am glad that ‘IBL Beyond Borders’ now sees an investment in the energy sector. When we developed our strategy in 2021, we identified renewable energy as a sector presenting significant opportunities to deepen our presence in the African market. Driven by a culture of excellence, IBL Group wishes to propose solutions structured around renewable energy, energy savings and the reuse of waste. As Equator Energy provides simple and integrated solutions in emerging markets where solar energy has added value, this partnership is aligned with our aim to be a pioneer in the energy transition,” said Arnaud Lagesse, Group CEO of IBL.

“We are excited to announce that IBL and STOA are becoming shareholders in Equator Energy. Their expertise, capabilities, and industry experience will bolster Equator Energy’s growth trajectory. With their support, we are confident in our ability to deliver even more innovative solar solutions to our existing base of over 100 customers, as well as to expand our reach to new customers in the future. This investment by IBL and STOA is a testament to their confidence in our team, our customers, and our markets, and we are honoured to have their support,” said Sebastian Noethlichs, CEO and Founder of Equator Energy.

“We are delighted to provide our support to the exceptional growth undertaken by Equator Energy. Within a few years, the company has managed to build a very strong portfolio of operating assets together with an impressive pipeline of very happy customers. Being an impact fund, STOA is very proud to see that our investment will provide the affordable electricity needed to continue the industrialization of our core countries of focus in Sub-Saharan Africa. In addition, the renewable energy generated will help Kenya and the other countries in their goals to increase their generation capacities with clean electricity,” said Marie-Laure Mazaud, CEO of STOA.

*This transaction was led by Julien Deconinck at partner firm DAI Magister, who acted as advisor to Equator Energy.

Easy Solar, a leading last-mile energy access and distribution company in West Africa, has raised USD 7 million in equity and debt from Triodos Investment Management, Acumen and Cygnum Capital.

Easy Solar operates in some of the continent’s hardest to reach markets, with a vision of making sustainable energy solutions and life improving products affordable and accessible to its customers, both households and businesses. Despite a difficult context of rising fuel and food prices, compounded by the persistent currency depreciation, the company was able to partner with investors to continue building on its core strengths and expertise, having recently reached a milestone of connecting over a million lives across the region to energy and beyond.

Clermount advised Easy Solar in this transaction.

Alexandre Tourre, the CEO of Easy Solar, explained what this means for the group: “We’re absolutely thrilled to have secured an investment from Triodos Investment Management. They bring a deep expertise in C&I solar, which is a critical growth area for Easy Solar in the current context of rapidly increasing energy prices in the region. Cygnum Capital and Acumen are historical investors who have supported our vision for many years by making impactful finance available where it is most needed and we’re delighted to expand our work with them. Together, we are at the forefront of building a clean energy future for West Africa.”

In partnership with TCX, Cygnum Capital’s facility will expand Easy Solar’s access to local currency financing in Sierra Leone, while Acumen will support the company with an innovative affordable inventory financing instrument tailor designed for hard to reach markets. On the Equity side, Triodos Investment Management will support the growth of Easy Solar’s burgeoning solar C&I business in the region, as well the company’s regional expansion plans.

Jiwoo Choi, Chief of Strategic Initiatives at Acumen, commented on the work done with Easy Solar: “Over the past six years, we have built a strong partnership with Easy Solar and have been inspired by their dedication to bringing transformative energy access to underserved and hard-to-reach communities through a solid business model. We are thrilled to extend our relationship through this deal, which is set to amplify the company’s impact in Sierra Leone.”

“This is our first exposure to so-called small-home-solutions and small-scale commercial and industrial solutions”, explains Marius Groenenberg, Principal Investment Manager at Triodos Investment Management. “Both are growing and important segments for energy in Africa, especially in the frontier markets where Easy Solar is active. Off-grid solar solutions have proven to be more than just a way to provide clean, affordable, and reliable electricity to underserved communities. Through the wide range of energy solutions offered by Easy Solar, customers are given the chance to boost their economic development thanks to the accelerated development of productive activity in these communities in a vast untapped market.”

About Easy Solar

Easy Solar, a leading last-mile energy access and distribution company in West Africa, building a widely recognized brand and a rapidly growing C&I business. Via its 300+ points of sales and deep network of agents, Easy Solar is uniquely positioned to reach the last mile clients, as well as provide clean energy solutions to households, hospitals, education centers and businesses. The company has powered over a million lives in Sierra Leone and Liberia since 2016.

About Triodos Investment Management

Triodos Investment Management connects a broad range of investors who want to make their money work for lasting, positive change with innovative entrepreneurs and sustainable businesses doing just that. In doing so, we serve as a catalyst in sectors that are key in the transition to a world that is fairer, more sustainable and humane.

We have built up in-depth knowledge throughout our 25 years of impact investing in sectors such as Energy & Climate, Inclusive Finance and Sustainable Food & Agriculture. We also invest in listed companies that materially contribute to the transition toward a sustainable society. Assets under management as per end of June 2023: EUR 5.7 billion.

Triodos Investment Management is a globally active impact investor and a wholly owned subsidiary of Triodos Bank NV.

About Acumen

Acumen is changing the way the world tackles poverty by investing in companies, leaders and ideas. We invest Patient Capital in businesses whose products and services are enabling the poor to transform their lives. Founded by Jacqueline Novogratz in 2001, Acumen has invested more than $154 million in 167 companies across Africa, Latin America, South Asia and the United States. We are also developing a global community of emerging leaders with the knowledge, skills and determination to create a more inclusive world. In 2015, Acumen was named one of Fast Company’s Top 10 Most Innovative Not-for-Profit Companies. Learn more at www.acumen.org and on Twitter @Acumen.

About Cygnum Capital (Formerly Lion’s Head)

Cygnum Capital Group is an investment bank and asset manager operating across frontier and emerging markets. Formerly known as Lion’s Head, which was founded in 2008, Cygnum Capital is now a global provider of tailored and innovative financial solutions to meet its clients’ diverse needs.

Cygnum Capital uses long-term relationships, networks and local market understanding to deliver a best-in-class service. With offices in London, Nairobi, Lagos, Dubai, and Amsterdam, Cygnum Capital’s dynamic team of 70 finance professionals provide deep sectoral expertise, a broad product offering, an asset management platform and the ability to leverage synergies between our corporate finance, asset management and advisory activities.

Cygnum Capital Asset Management manages five pioneering funds: four debt funds including: (i) the African Local Currency Bond Fund (“ALCBF”), a ground-breaking investment vehicle established to support local currency capital markets, (ii) Off-Grid Energy Access Fund (“OGEF”) which supports companies in off grid energy such as SHS and small- medium mini-grids, (iii) Facility for Energy Inclusion (“FEI”) which support companies that provide a range of renewable energy solutions such as medium — large mini- grids, C&I and IPP with a maximum capacity of 25 MW, (iv) AfricaGoGreen (“AGG”) Fund which supports companies combating climate change by reducing the use of fossil fuels through new technologies and that increase energy efficiency; and a VC private equity fund (v) E3 Low Carbon Economy Fund for Africa (“E3 LCEF”) which invests in climate-smart services, digital connectivity & Applications, low-carbon productivity enablers. Cygnum Capital Asset Management has over USD 750 million of assets under management with investments in more than 34 African countries.

Nuru closes over $40m of Equity Funding to Drive Metrogrid Scaling in the Democratic Republic of the Congo. The funds come from market-leading equity investors including the International Finance Corporation (IFC), the Global Energy Alliance for People and Planet (GEAPP), the Renewable Energy Performance Platform (REPP), Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, GAIA Impact Fund, and the Joseph Family Foundation. 

Nuru is a renewable energy-powered Metrogrid company which utilizes utility-scale solar power and advanced technology to provide reliable and renewable energy to urban communities, promoting climate resilience and sustainable development. The company plans to initiate three transformative projects in Goma, Kindu, and Bunia, with the Bunia site becoming the largest off-grid solar hybrid metrogrid in sub-Saharan Africa.
The funds will enable Nuru to commence construction on 13.7 MWp of projects, which will significantly expand its existing operating assets in eastern Democratic Republic of the Congo (DRC) and help bridge the enormous energy gap in the country.

Clermount acted as financial advisor to Nuru in this transaction.

January 2022 - Poa Internet and Africa50 announced the completion of Africa50’s equity investment into Poa, which will be used to support the company’s future growth plans across Kenya, as well as launch the business into further African markets. Seedstars Africa Ventures' follow-on investment completes this $28 million financing round. 

Since starting operations in 2016, Poa has continuously improved its operations and market position and currently has over 12,000 home internet customers, as well as tens of thousands of street Wi-Fi customers. This funding demonstrates investors’ confidence in Poa’s ongoing strategy and underscores the need for African Internet Service Providers (ISPs) that focus on bridging the digital divide across the continent.

Clermount acted as financial advisor to Poa Internet in this transaction.

14th March 2022, San Francisco — d.light, a leading innovator of solar energy products, announced today that it completed its US$17 million series E-1 equity financing with a US$7 million investment from Finnfund, topping up Proparco's US$10 million investment.

Commenting on the investments, d.light co-founder and CEO Ned Tozun said:

"We are excited to have OP Finnfund Global Impact Fund I and Proparco as d.light shareholders. Their alignment with our mission and commitment to job creation and development, makes them ideal partners for d.light as we begin our next phase of growth. 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 off-grid solar industry as a whole.”

“OP Finnfund Global Impact Fund I targets substantial positive impacts on, for instance, climate change, food security, gender equality, and the availability of financing”, says Finnfund’s Associate Director, Head of Energy and Infrastructure portfolio Jussi Tourunen. “The way that developing countries meet their rapidly growing energy demand will be crucial for global efforts to curb climate change and we are happy to support d.light’s expansion with this investment.”

Damien Braud, Head of Equity at Proparco – Africa & Middle East said, “Supporting companies dedicated to improving access to clean, reliable and affordable energy is one of Proparco's top priorities. 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 the company to realize its growth ambitions.”

Since its founding in 2006, d.light has provided solar energy to more than 125 million people in 70 countries. Their extensive product line ranges from extremely affordable portable solar lanterns to solar home systems that can power multiple lights, mobile phones, and small appliances, including a flat-screen television. d.light’s solar solutions have won multiple international awards for their innovation and design and are sold through more than 30,000 outlets around the world—the largest existing distribution network for these types of products. With a strong emphasis on product quality and customer service since its earliest days, d.light has built up a loyal customer base in emerging markets. d.light continues to profitably sell hundreds of thousands of units per month, while maintaining excellent quality at scale. The company is led by a strong team of deeply experienced, internationally recognized leaders and highly committed, talented local staff. Mr. Tozun and Mr. Goldman established an ambitious goal for d.light at its founding: to impact 100 million people by 2020 which was achieved. d.light is now on another ambitious journey to impact 1 billion lives by 2030.

Clermount acted as financial advisor to d.light in this total $17 million series E-1 equity raise transaction.

London, January 25, 2022 - Circle Gas announces an investment by Marubeni Corporation, a global integrated trading and investment business conglomerate based in Japan with a public market capitalisation of over $16 billion and 133 branches and offices around the world.

The investment will be used to expand Circle Gas clean cooking services to more households in East Africa and beyond.

Volker Schultz, our CEO, said ‘Marubeni is an ideal strategic investor in Circle Gas, with its global footprint and extensive experience in supply and distribution of natural gas and LPG, and track record in infrastructure and related services. We look forward to working closely with the Marubeni team and believe this close collaboration will significantly accelerate the company’s growth. We believe we have a shared vision for expanding vital access to clean cooking and the important health, climate, and gender benefits that it brings’.

Clermount acted as advisor to Circle Gas.

Mannheim, September 2, 2021— Pepperl+Fuchs has strengthened its Mobile Computing and Communication business unit by acquiring Aava Mobile Oy. The Finland-based company is a specialist for the design and manufacturing of latest technology, ruggedized industrial smartphones and tablet computers, and has been sold to Mannheim/Germany-based Pepperl+Fuchs Group. 

“We are delighted to bring our strength in designing next generation industrial smartphones and tablet computers into Pepperl+Fuchs Group and we expect numerous synergies out of this new setup,” says Markus Appel, CEO of Aava Mobile Oy.

“Aava's competence in designing enterprise mobile devices complements our ecom brand, the Mobile Computing and Communication business unit, and gives us access to leading-edge design competence,” states Dr. Gunther Kegel, CEO of Pepperl+Fuchs SE.

About Pepperl+Fuchs

Founded in 1945, Pepperl+Fuchs today is a “700 Mio. € +” company employing approximately 6.000 people and holding market-leading positions in industrial sensors and explosion protection equipment. Their business unit Mobile Computing and Communication was established in 2017 with the takeover of the German company ecom instruments GmbH. The business unit provides explosion-protected industrial smartphones and tablet computers to the global process industry.

About Aava Mobile Oy

Founded in 2009 by wireless experts in Oulu, Finland, Aava Mobile has become a key player in the global enterprise tablet market, holding a leading position in retail services and mobile POS technology. Aava creates pioneering payment devices and industrial tablets as well as handhelds for and together with a great number of vendors, utilizing its expertise in the mobile, rugged computer designs and latest wireless technologies.

*This transaction was led by Julien Deconinck at partner firm DAI Magister, who acted as advisor to Aava Mobile.

Mobility-tech startup MAX raises $31 million to expand across Africa and build EV infrastructure 

Nigerian mobility tech startup Metro Africa Xpress Inc. is planning to enter more markets across Africa as it races towards formalizing the continent’s transportation sector after securing $31 million in Series B funding.

MAX will use the funding to enter Ghana and Egypt by the end of the first quarter of 2022, and other additional markets in Francophone, East and Southern Africa by the close of the same year. The funds will also be used to extend vehicle financing credit to over 100,000 drivers in the next two years.

MAX started out in 2015 as a delivery startup using motorcycles to fulfil customer orders before venturing into ride-hailing, and later into vehicle subscription and financing services – solutions it came up with based on the data from its first services and after it became obvious the fundamental issue that drivers face is consistent access to vehicles.

MAX’s commercial bank partners now extend vehicle purchase loans to drivers, using data provided by the mobility company in credit risk assessment.

As part of its catalogue of services, MAX plans to build electric vehicle infrastructure in its new markets, with the intention of introducing EVs to its emerging clientele.

“It is another milestone in our journey to make mobility safe, affordable, accessible, and sustainable by deploying high-performance technologies and operators. The investment will enable us to transform the lives of hundreds of thousands of drivers across the continent, accelerate international expansion, and continue our pioneering initiatives in the mobility space,” said MAX co-founder and CEO Adetayo Bamiduro. Chinedu Azodoh is the startup’s other co-founder.

The founders quickly realized that introducing electric vehicles would be the natural next step, and in 2019 MAX kickstarted their electric mobility journey. The company currently provides two, three and four-wheeler EVs to drivers through various leasing and financing options.

“It’s an additional option that we wanted to provide to the drivers because what they care most about is making a decent living through increased income. For us, electric mobility is going to be a significant driver of that objective because EVs are today more cost-effective than their gas equivalents,” said CFO Guy-Bertrand Njoya.

MAX currently designs and assembles its own line of electric motorcycles. Njoya said they work with partners across the ecosystem, including Yamaha, a leading motorcycle manufacturer, to deliver their EVs.

“We work with Yamaha in the area of access to vehicles for the drivers, and in the access to finance. As a testament of the success of our work and partnership, Yamaha today has set up a dedicated driver vehicle financing entity for Africa against the backdrop of the work that we’ve been doing with them over the past couple of years,” said Njoya.

The latest funding round that was co-led by global private equity platform, Lightrock, which is making its first investment in the African mobility space and UAE-based international venture capital firm, Global Ventures. Others that also took part in the round are existing investors Novastar Ventures and Proparco, the French development finance institution, through their Digital Africa initiative.

Njoya said the startup is working towards becoming the go-to vehicle subscription and financial services platform for millions of transport operators across the continent. They recently partnered with Estonian ride-hailing company Bolt in a lease-to-own arrangement that is set to enable 10,000 drivers under the platform in Nigeria acquire energy-efficient vehicles.

Clermount acted as financial advisor to MAX in this transaction.

November 2, 2021, Stockholm - The alarm and event handling company Skyresponse has raised a combination of investment from Nordic Eye and existing shareholders to drive the company’s success story from the Nordic markets into Europe.

Skyresponse is an established and trusted Swedish Software-as-a-Service (SaaS) company which offers a 100% cloud-based alarm management platform used by major international care and security organisations across the public and private sectors, offering a flexible, secure, and resilient alarm management platform solution for:

• Alarm response centres
• Technology enabled care
• Supported housing and retirement living
• Residential and domiciliary care
• Lone worker protection
• Facility Management
• Smart Buildings

The last years, Skyresponse has grown from managing over 700 000 alarms per month in October 2018 to today handling around 7 million alarms per month, and Skyresponse has now more than 700 companies and organizations that uses the company’s services. Skyresponse is seen as trusted partner by Doro, Addlife/Hepro, Viser among other partners in the eco-system. The company is based in Stockholm and Luleå in Sweden, one team in Ukraine, and just recently expanded to UK and Ireland with a local subsidiary, Skyresponse UK Limited, and an initial go to market team.

With the additional capital Skyresponse can take the success story from the Nordic market to the European market. Using open API’s, granular configuration tailoring and unlimited scalability makes Skyresponse the ideal partner for leading industry partners and enabling development of new services together with its partners’ products.

Skyresponse CEO Martin Reidevall says: “We at Skyresponse have built our products and solutions around the vision to improve lives in a connected world. With this investment we can now approach the EU and UK market with the solutions that has made so much difference for both the caregivers/caretakers as well as the end users/objects in Sweden and Norway. In the end we save lives and memories”.

The venture capital Nordic Eye will not just bring capital to the company but also their ability to help accelerate the business and international growth. Ib Drachmann-Hansen, Investment Manager & Partner at Nordic Eye Venture Capital has concurrently joined the board of Skyresponse AB.

“We have followed Skyresponse very closely for more than eight months, where they have proved that they possess both a skilled team, and an exceptional, competitive product, within IoT alarms. Skyresponse is a well-established player on the Nordic market and is already present in more than ten countries in Europe in a number of important market segments. So, we have high expectations that our new investment in Skyresponse can benefit both them and us”, says Ib Drachmann-Hansen, Nordic Eye Venture Capital.

Thomas Ivarson, Chairman of the Board of Directors at Skyresponse says; “It is very encouraging to experience the rapidly growing demand for the advanced and secure IoT alarm and event management solutions of Skyresponse. The growth is strong both within elderly care as well as within smart buildings. It is indeed a strong signal of strength and potential for Skyresponse that Nordic Eye decided to invest in the company alongside the existing owners”.

Clermount acted as financial advisor of Skyresponse in this transaction.

February 4, 2021, Johannesburg - By 2030, more than 300 million young people will enter the job market across Sub-Saharan Africa. A high-performing primary and secondary learning system unlocking the doors of university will be critical to educate and train the many. Yet most of K-12 institutions across the continent still perform poorly, plagued by overcrowded classrooms, scarcity of qualified teachers and lack of equipment. On the other side, elite private schools remain unaffordable to a large majority of the population.

Since 2012, SPARK School's CEO Stacey Brewer and her team have developed a pioneering tech-enabled pedagogical model to solve this issue. Through a combination of teacher-led instruction and online learning, rotational classroom set-up, and strong emphasis on educators’ professional development, SPARK Schools provides the best standards of education at a competitive price accessible to the many. The company has grown to become the 3rd largest network of private K-12 schools in South Africa, operating 18 institutions and serving over 10,500 families from diverse social & cultural backgrounds.

In 2020, COVID-19 severely disrupted global education, depriving 1.6 billion learners from access to school in more than 190 countries. SPARK was able to adapt quickly thanks to a balanced mix of online, offline distance learning and face-to-face teaching. Embarking in 2021, the team is fully geared towards accelerating on its mission to unlock access to high quality education in Africa.

To this end, SPARK Schools announced today the closing of its Series C to support the company’s next phase of growth. This funding will be instrumental in consolidating SPARK’s existing network and expanding primary and secondary schools across Africa to reach 35,000+ scholars in the next 10 years. The round was led by Creadev, together with the Finnish development finance institution Finnfund and existing SPARK shareholder Imaginable Futures.

Stacey Brewer, CEO & Co-Founder of SPARK Schools:
“SPARK Schools’ vision is for South Africa to lead global education by ensuring that under-served communities get access to high quality education. Partnering with Creadev, Finnfund and Imaginable Futures will enable us to achieve our bold and ambitious vision. They have a strong alignment to SPARK Schools’ vision, mission and values and understands what it takes to build and scale a great business. As the African proverb states, ‘If you want to go fast, go alone. If you want to go far, go together’ – we look forward to walking this journey together with Creadev, Finnfund and Imaginable Futures, ensuring that SPARK Schools grows from strength to strength and provides better opportunities to the communities that we serve in South Africa and beyond.”

Eero Pekkanen, Finnfund:
“We are continuously looking for investment opportunities in the education sector: companies that have a proven track record, a scalable business model and potential to make a great impact. Building on Finland’s exceptional results in education, we want to actively contribute to unlocking high quality education to all, from underserved communities to middle-income families. We believe that SPARK is a pioneer in its field and can reinvent the K-12 education system in South Africa and beyond through its innovate tech-enabled model and focus on empowering students to perform at their best. In the time of COVID-19 outbreak, we are excited to support SPARK through the pandemic and start looking ahead at an ambitious and impactful expansion plan.”

Pierre Fauvet & Sarah Ngamau, Creadev Africa:
“Stacey and her team have developed a highly innovative and scalable model, relying on blended learning to optimize the cost to educate and solve the pressing issue of teacher scarcity in Sub-Saharan Africa. Through this unprecedented year, the whole team has demonstrated clear commitment to the values of SPARK – Service, Persistence, Achievement, Responsibility and Kindness!
Together with like-minded co-investors Finnfund and Imaginable Future, we are thrilled to support SPARK’s mission to provide access to such an essential service to the many, and shape tomorrow’s world. SPARK has the potential to become a champion pioneering affordable private education in Africa!”

Shikha Goyal, Imaginable Futures:
“Imaginable Futures is proud to continue its support to SPARK Schools for their next phase of growth that will benefit learners and families in South Africa. SPARK’s innovative, blended learning model demonstrates that children in South Africa can receive a quality education at costs that families at all income levels can afford.”

Clermount acted as financial advisor to SPARK Schools in this transaction.

Based in Sheffield, United Kingdon, Faradion is the world leader in Sodium-ion battery technology that provides low cost, high-performance, safe and sustainable energy. Its proprietary technology delivers leading-edge, cost-effective solutions for a broad range of applications; including mobility, energy storage, backup power and energy in remote locations. 

Faradion’s technology provides significant advantages compared to lithium-ion technology, including: greater sustainability, a patented zero-volt safe transport and storage capability and immense opportunity for scalability. The total cost of ownership is already comparable to lead-acid, and performance at par with lithium-ion phosphate, both with runway for further improvements.

All of this combined offers an opportunity for scaling and accelerating the use of sodium-ion technology for energy storage and EV applications.

In December 2021, Reliance New Energy Solar Ltd (“RNESL”), a wholly owned subsidiary of Reliance Industries Ltd (“Reliance”), acquired 100% shareholding in Faradion Limited (“Faradion”) for an enterprise value of £100 million. 

Clermount acted as advisor to Faradion to become exit ready as well as on its bridge equity raising led by Mercia Asset Management. 

Addax Motors raises 10 million euros to expand on the European market

November 27, 2020 - Addax Motors, the only Belgian manufacturer of electric vans, raises 10 million euros, of which 8 million euros through an equity investment by The Société Fédérale de Participations et d'Investissement, the consultancy firm Resultance and a family investor. These funds will be used to continue to shape European growth.

" We are very happy that the Société Fédérale de Participations SFPI-FPIM is supporting our project. The Belgian government thus shows that it fully believes in a product developed and manufactured in Belgium. We consciously choose to keep the blend in Belgium. We are proud of our roots and we like to see things big”, say Jean-Carette, co-founder of Addax Motors.

With this financial injection, Addax will initially strengthen its European distribution network. The company is already active in twelve countries and aims for full European coverage.

“We will increase our penetration in current markets and we want to gradually expand to other countries. We will do this thanks to our electric trucks which are in great demand in cities and towns, industrial sites, holiday parks, but also postal services and last mile delivery", says Commercial Director Daniël Kedzierski.

In the meantime, the company has also started to develop a second, larger van model which, thanks to its increased autonomy, will be particularly suitable for postal services and parcel distribution. Addax has already started recruiting additional employees to support its growth plans.

Clermount acted as financial advisor to Addax Motors in this transaction.

Sweden’s Eliq raises Series A funding to help utility companies retain customers

Swedish software company Eliq has raised a Series A round from Inven Capital, Contrarian Ventures and prior backers to scale its energy customer engagement platform across Europe. The investment brings Eliq’s funding to €9 million.

Eliq basically enables utility companies to find and retain customers by upgrading the its communication with end users. The company provides software for people to monitor their electricity usage and demand patterns, taking in information from smart meters, connected devices and weather analytics to deliver instant energy insights and promote efficiency.

“Deregulation and the rising customer expectations for more actionable data insights, transparency and dynamic two-way communication has left established utilities incapable of retaining customers and in need for a platform to better engage with their existing and new clients,” commented Rokas Peiculaitis, general partner at Contrarian Ventures on the decision to invest in Eliq.

The fresh cash will serve to bring more solutions to market more rapidly, and to broaden the company’s geographical reach by growing its teams in both its HQ Gothenburg and London.

Clermount acted as financial advisor of Eliq in this transaction.

The French operator of eco-mobility services, Clem', has been retained by the City of Paris to deploy a car-sharing service for electric light commercial vehicles for merchants in Paris (from 4,50€/half-hour or 39€/day). Mirova has reached an agreement with Clem' to finance the deployment of the vehicles starting with a first tranche to finance 266 vehicles.

Accessible to professionals but also individuals, this service promotes the development of zero emission urban logistics while supporting the economic recovery. It will be available from July 6 on the clem.mobi platform or via the Clem Mobi mobile application. It will operate initially 54 vehicles (Kangoo ZE and e-NV200) at 54 stations (ex AutoLib), distributed in the 20 Parisian arrondissements. More than 300 vehicles will soon be available at 100 stations throughout the Paris region.

Clermount acted as financial advisor to Clem' in this transaction.

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 financial advisor of d.light and exiting shareholders in this transaction, which is the largest secondary transaction to date in the off-grid solar space.

Growth in Energy Access and Smart City markets

With operations in China, Germany and Hong Kong, OPES Solutions is strengthening its position as a global leading supplier for the fast growing off-grid Energy Access and Smart City markets. In the Energy Access market alone, driven mainly by pay-as-you go Solar Home Systems, OPES Solutions has already supplied more than 4 million customized off-grid solar modules over the last years.

OPES Solutions will use the capital to significantly expand its production and R&D activities. “With our factory in Changzhou, China, we are at the forefront of building a new industry together with our customers” says Robert Händel, CEO & Founder of OPES Solutions. “Our product development and manufacturing concept is tailored to the needs of our customers working with Off-Grid electrification in developing countries and new applications promoting mobility and sustainability in Smart Cities”.

The research activities of OPES Solutions include new solar module design & materials, direct integration of solar modules into innovative applications and development of innovative mass-manufacturing processes & equipment for small modules.

Investors with focus on two key global challenges

The investment focus of the new shareholders is perfectly matched to what the Founders of OPES Solutions aim to achieve, supporting the solar electrification of more than 1 billion people who are currently without energy access, as well as responding to the trend of fast growing cities all over the globe that require innovative technological solutions to be environmentally sustainable.

“Currently, $17 billion a year is spent on dirty energy in sub-Saharan Africa alone. Our investments target this huge market to improve access to clean energy through economically successful solutions. As the market leader for Off-grid solar modules, OPES Solutions is a perfect fit,” says Amar Inamdar, Managing Director at KawiSafi.

“Quadia invests in sustainable companies that drive the regenerative economy. For us, not only technical and economic factors are decisive, but also positive social and environmental impacts. The investment in OPES Solutions takes all these requirements into account as solar energy is a key element to enable mobile and sustainable solutions in today’s dynamically developing cities,” adds Daniel von Moltke, Managing Partner at Quadia.

Being part of building the Off-Grid Industry

Specially developed innovative production processes are key to the success of OPES Solutions. This technological edge enables the company to achieve fast product development & ramp-up cycles, high volume and consistent quality – despite a variety of small off-grid module designs – for which no standardized production equipment is available on the market. For example, the patented integrated Flying Fibre Laser from OPES Solutions increases the throughput of cutting solar cells by 8-fold, and with better quality and yield than comparable machines.

Tom Tang, CTO & Co-Founder of OPES Solutions: “Though we have come far without a financial partner in the past, KawiSafi and Quadia bring not only network & knowledge for our two key markets, but also financial power to give our key R&D &and expansion projects an important boost. We are all very excited to bring our company to the next level.”

SteamaCo completes Series B financing with Praetura Ventures and Shell

18 July 2019 MANCHESTER, UK – SteamaCo, a UK-based technology supplier to utilities in Africa and Asia, today announces its Series B equity financing. This latest round of funding supports the company’s continued technology development and growth, enabling reliable electricity services for hundreds of thousands of previously underserved people across 10 countries. Praetura Ventures and Shell co-led the investment round, with participation from existing shareholders.

SteamaCo’s smart metering technology and cloud software run on less than 100kB of communications data per meter per month. This is 100 times more efficient than comparable services and enables utilities to operate in previously unreachable locations. The potential market for such technologies is vast. Mini grids, for example, could provide electricity for up to 500 million people by 2030, according to a recent World Bank report.

Harrison Leaf, CEO and Co-founder at SteamaCo, said, “We are delighted to welcome Praetura and honoured to have continued participation from existing shareholders. Automation is a key part of the historic privatisation of utilities in Africa and Asia. Tens of thousands of times each day, our product processes tariffs, monitors grid health and helps technicians, agents and consumers seamlessly go about their daily business. It is hugely motivating to everyone at SteamaCo that our work helps bring electricity to those who have never had it.”

David Foreman, Chief Executive Officer at Praetura Ventures, said, “We are very impressed with the team’s strategy and the unique capabilities of their product. We are pleased to announce SteamaCo among the initial investments from our first £15m enterprise investment scheme fund. We are excited to work with both SteamaCo and Shell to support the business as it continues to grow.”

“SteamaCo has expanded over the last two years, including deployments in Nigeria, Kenya, and India,” said Brian Davis, Shell Vice President Energy Solutions. “Through its support of mini grid operations, SteamaCo is just one example of how Shell is moving towards its ambition to deliver a reliable electricity supply to 100 million people in the developing world by 2030.”

About SteamaCo
SteamaCo is a specialist technology supplier to utilities in Africa and Asia. Up to two billion underserved energy consumers live in places where the cost to serve is high and the network connectivity is scarce. SteamaCo’s data-efficient energy management system enables utilities to serve this market effectively. Founded in 2012, SteamaCo is headquartered at Manchester Science Park, one of the UK’s leading science and technology campuses, with offices in Kenya. SteamaCo is a 2018 Cleantech 100 One to Watch company.

About Praetura Ventures
Praetura Ventures is a Venture Capital firm that aims to bridge the estimated £300m venture capital funding gap for scaling businesses in the North West of the UK. Having invested more than £100m since 2011 with four successful exits to date at an average of 8x return, the organization has a proven track record in backing early-stage companies. Praetura’s newly formed £15m EIS fund invests in high-growth early-stage tech or IP enabled businesses. Praetura invests in ambitious, early stage companies.

About Shell New Energies
Shell’s New Energies business was created in 2016 and focuses on two main areas: new fuels for transport, such as advanced biofuels and hydrogen; and power, which includes low-carbon sources such as wind and solar. Within the power portfolio, Shell is also actively pursuing commercial opportunities to invest in energy access solutions in Africa and Asia. The New Energies business is supported by Shell Ventures B.V., the corporate venture capital arm of Royal Dutch Shell PLC (“Shell”).

Clermount acted as financial advisor to SteamaCo in this transactions.

CHF 13.2 million: Successful financing round strengthens DEPsys in Smart Grid growth market Puidoux, Switzerland, 8 February 2019 – The Swiss technology company DEPsys is to receive 13.2 million Swiss francs as part of a Series B investment. The new investors are BNP Paribas and SET Ventures. This capital increase prepares DEPsys for strong international growth. In 2018, DEPsys doubled the number of customers and is now present in ten markets across two continents. Large-scale rollouts are under way, and recently, DEPsys established its first international subsidiary in Germany. With increasing green electricity production, the rising use of renewable energies and electromobility, and the digitalization of power grids, DEPsys' unique GridEye solution is in heavy demand. The versatile control platform allows power grid operators to run distribution grids safely, reliably and optimally. This makes it possible to feed large quantities of renewable energies into their grids from decentralized sources. GridEye also allows for the easy management and control of micro grids and neighborhood solutions. Distribution network operators in DACH, Europe and worldwide use the platform to integrate intelligent grid management technologies. This is made possible by the innovative mix of hardware and software. 

Michael De Vivo, CEO of DEPsys: "We are proud to have gained the support of our renowned new investors BNP Paribas and SET Ventures. Their networks and market expertise will be invaluable for us successfully penetrating new markets. DEPsys is firmly convinced that supplying the world solely with electricity from renewable sources will be possible in the future. We have set out to accelerate the energy revolution and make it easier for grid operators. With GridEye, we have developed an innovative technology solution to drive this mission forward. It is a Swiss Army Knife with all the instruments for distribution system operators to make their energy turnaround a success, without fear of a complex, protracted and expensive transformation process." 

Focus on DACH, growth opportunities in Western Europe, Asia and North America. DEPsys continues to focus on the markets in Germany and Switzerland. But the provider also aims to accelerate business in the European market and worldwide. DEPsys will continue to expand in Asia, where three major customers have been acquired. Entry into the North American market is planned. In 2016 and 2018, DEPsys completed two successful financing rounds with Statkraft Ventures, VNT Management, ONE Creation, and Single Family Office Wecken & Cie. As a result, DEPsys was able to professionalize its corporate structure, further develop its smart grid solution and strengthen its international market presence. In 2019, together with BNP Paribas (as lead investor) and SET Ventures, they will add a further 13.2 million Swiss francs in funding. Funds with which DEPsys is gearing up for future growth. 

Clermount acted as financial advisor of DEPsys in this equity raising.

d.light Raises US$41 Million to Finance Its Rapidly Growing Solar and Appliance Business

The new equity funding, energy expertise and strong network of the Consortium, led by Inspired Evolution, will enable d.light to expand and accelerate its already impressive growth rate as well as provide energy access to millions of people in Africa. December 17 2018, Nairobi, Kenya; New Delhi, India; Shenzhen, China; San Francisco, USA – Today, leading distributed solar provider d.light announced that it had raised US$41 million in equity financing from a Consortium led by Inspired Evolution, an Africa-focused investment advisory firm that specializes in the energy sector. Consortium partners include the Dutch Development Bank FMO, as well as government-sponsored investment funds Swedfund and Norfund. This latest funding, which enables expansion of the company’s solar and Pay-Go consumer finance business in Africa, brings the total amount of equity and debt that d.light has raised in the past two years to over US$100 million. The funding round also enabled some of the company’s earliest investors to achieve an exit. “We are thrilled to have Inspired Evolution as the newest funding partner in the d.light family,” said d.light co-founder and CEO Ned Tozun. “Their energy expertise and strong network add significant value to the work of d.light, allowing us to expand our product line, launch in new markets, and reach more customers.” With a commanding market share in emerging markets in both Africa and Asia, the company’s revenue and profitability continue to accelerate at an impressive growth rate. This investment combined with solid debt financing and receivables funding solutions will put the company on an even steeper growth trajectory. Wayne Keast, Managing Partner, at Inspired Evolution said,” We are excited to partner with d.light, the market leader in the portable solar product and off-grid solar home system market, to support the expansion of their Pay-Go solar business throughout Africa which will help address the needs of more than 600 million people that do not have access to electricity”. Since its founding in 2007, d.light has provided solar energy to more than 88 million people in 62 countries. Their extensive product line ranges from extremely affordable portable solar lanterns to solar home systems that can power multiple lights, mobile phones, and small appliances, including a flat-screen television. d.light’s solar solutions have won multiple international awards for their innovation and design and are sold through more than 30,000 outlets around the world—the largest existing distribution network for these types of products. With a strong emphasis on product quality and customer service since its earliest days, d.light has built up a loyal customer base in emerging markets. d.light cont quality at scale. Its pay-go financing system has among the lowest delinquency rates in the industry. The company is led by a strong team of deeply experienced, internationally recognized leaders and highly committed, talented local staff. Mr. Tozun and Mr. Goldman established an ambitious goal for d.light at its founding: to impact 100 million people by 2020. The company expects to achieve this audacious goal ahead of schedule, and this latest equity funding from Inspired Evolution and other partners will undoubtedly accelerate those efforts.

About Inspired Evolution - Inspired Evolution was established in 2007 as a specialized African investment advisory business dedicated to two investment themes: clean energy infrastructure-type development and project finance investments; and energy and resource efficiency growth equity investments, and the value chains that support them. Inspired Evolution, with offices in Cape Town, London, Nairobi and Mauritius advises two investment funds, Evolution One and Evolution II. Its investment territory covers the sub-Saharan African region. Inspired Evolution has been involved in more than 1000 MW of renewable energy infrastructure generation projects over the past decade, and is pursuing a pipeline of new clean energy projects and resource efficiency opportunities across sub-Saharan Africa. For more information, visit www.inspiredevolution.co.za 

About the other Consortium partners - FMO is the Dutch development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO is pleased to support d.light alongside EVII, a trusted local partner. This investment perfectly fits FMO’s inclusive and green business strategy and the investment is additional to FMO’s equity off-grid exposure in terms of product offering and geographies. FMO believes that d.light is one of the players offering the highest quality and most affordable products, and is able to leverage its lessons learned as one of the first-movers in the sector. Through its widespread distribution model, d.light is able to reach many customers, thereby impacting millions of families with green and affordable access to energy. For more information on FMO: please visit www.fmo.nl Swedfund is the Swedish Development Finance Institution, providing risk capital, expertise and financial support for investments in local companies in developing markets. Swedfund’s mission is poverty reduction through sustainable business, contributing to economic and environmental development as well as a positive impact to society. Swedfund’s investment strategy rests on three main pillars: impact on society, sustainability and financial viability. Since 1979 Swedfund has been engaged as an active, responsible and long-term investor in more than 260 companies worldwide. Norfund is the Norwegian Development Finance Institution. Norfund’s objective is to contribute to sustainable commercial businesses in developing countries through providing equity, other risk capital, and loans to companies in selected countries in Southern, Eastern and Western Africa, South-East Asia and Central America. With a portfolio of USD 2.4bn, Norfund invests in three main sectors: clean energy, financial institutions, and agribusiness. www.norfund.no 

About d.light - Founded in 2007 in San Francisco as a for-profit social enterprise, d.light manufactures and distributes award-winning solar lighting and power products designed to serve the more than 2 billion people globally without access to reliable electricity. Through five distribution hubs in East Africa, West Africa, India, Southeast Asia, and the United States, d.light has impacted over 88 million lives with its products. d.light is dedicated to providing the most reliable, affordable, and accessible solar lighting and power systems for the developing world, with the goal of reaching 100 million people by 2020. For more information, visit www.dlight.com Media Contact For Inspired Evolution: info@inspiredevolution.co.za For d.light: media@dlight.com
 

Clermount acted as financial advisor to d.light in this transaction.

Logistimo - Leading logistics orchestration platform for frontier markets

Inclusive value chains for rural citizens will drive a renaissance for more than 50% of the developing world – fulfilling the promise of health equity and economic opportunity for 3 billion people across global emerging markets. High performing systems in low-resource settings can unlock this potential, but require novel technology to remain resilient in those contexts and for those users.

Logistimo pioneers network-agnostic mobile and web software to establish logistical visibility across all echelons. It helps provide retailers, transporters, and distributors with accurate, up-to-date reports of orders sales, purchases, and other on-demand information. Logistimo prides itself on its simplicity, with an intuitive interface that allows “highly trained professionals to semi-literate first time users of mobile devices” to be trained in as little as 15 minutes. The application’s software is open source, aiming to increase its reach even further beyond the 100,000 beneficiaries in emerging markets worldwide.

Logistimo is currently deployed in 6 countries and across different types of rural supply chains including health commodities, agricultural inputs and energy products. It currently has over 12,000 stores in its network, over 95% of them being below district, and over 15,000 users accessing the company's services through mobile phones. Logistimo is currently supporting one of the largest immunization cold-chains in the world, ensuring availabilty and potency of over 430 million doses of vaccines annually.

Clermount acted as financial advisor to Logistimo when planning international expansion in more than 20 additional countries. 

Rolls-Royce expands its position in the microgrid market and invests in start-up Qinous

Rolls-Royce acquires stake in Berlin-based energy storage and systems start-up Qinous 

Turnkey microgrids launched to support independent, cleaner and more reliable energy 

Rolls-Royce microgrid demonstrator to showcase systems tailored to customer needs 

Rolls-Royce is investing in Berlin-based start-up company Qinous GmbH, a global provider of innovative energy storage and control systems, and adding turnkey microgrids to the portfolio. 

“As a strategic investor, the aim is to set up a partnership with Qinous for the development of innovative energy storage solutions and together offer cleaner solutions designed to meet tomorrow’s needs,” explained Marcus A. Wassenberg, CFO and Labor Director at Rolls-Royce Power Systems. 

The increased use of renewable energies has exacerbated the challenge of how to maintain a reliable energy supply, when weather conditions are unfavourable, to meet demand. Autonomous electricity networks, or microgrids, combine cogeneration plants, diesel- and gas-powered gensets and renewable sources with batteries and a control system that links up all the elements in an intelligent energy management system that optimises the energy usage technically and economically. “With the use of energy storage and renewable sources, operators of hotels, hospitals or schools are able to make significant fuel cost savings and at the same time protect the environment ,” said Qinous CEO Steffen Heinrich. 

Qinous has gained considerable experience in the integration of battery storage and energy systems in microgrids in more than 30 projects worldwide and has already integrated MTU Onsite Energy systems from Rolls-Royce in such projects. The investment made by Rolls-Royce is to be used to expand the existing product portfolio and strengthen global sales and marketing activities. 

“We are looking forward to working with Qinous and see this partnership as yet another milestone as we expand our activities in this business segment,” said Marcus A. Wassenberg. Financial details of the individual investment being made by Rolls-Royce are not being disclosed. 

Andreas Schell, CEO of Rolls-Royce Power Systems, added: “We have identified our customers’ needs in terms of autonomous energy supply systems that are efficient, reliable and environmentally friendly. For this reason, we are now adding turnkey microgrids to our current portfolio. In addition to the diesel and gas gensets supplied by MTU Onsite Energy, together with our partners like Qinous we will now offer battery containers, include renewable power generation plants, and combine that with intelligent control. This strengthens our position as a provider of innovative power solutions able to supply our customers with microgrid systems tailored to their specific requirements.” 

Microgrids combine renewable energy generation with reliable generator setsThe increased use of energy from photovoltaic and wind power plants, where power output can fluctuate depending upon weather conditions, has exacerbated the challenge of how to maintain energy availability. This is something microgrids can achieve by combining generation with batteries and a control system in an intelligent energy management system. Rolls-Royce already provides MTU diesel and gas gensets for use in microgrids, and will soon be able to provide full turnkey microgrid solutions. 

“Microgrids combine clean and cost-effective renewable energies with our reliable generator sets and are thus the future of the power industry,” said Alexander Patt, Project leader of Microgrid solutions at Rolls-Royce Power Systems. “We are convinced that, with our engineering competence, we will be able to provide our customers with a total system that will give them the availability and efficiency they require.” 

Rolls-Royce microgrid demonstrator to showcase systems tailored to customer needsMicrogrids can supply energy completely autonomously to remote locations, such as mining operations or islands that have no access to a public grid. When operated in parallel with existing infrastructure, they can provide an environmentally friendly supply of electric power to industrial companies or local communities while simultaneously providing support for the public grid. 

The most crucial component of a microgrid is an intelligent control system, which determines what power sources are to be used at what time in order to supply energy to the end user or top-up the battery system. This is done in accordance with the customer’s preference; for instance, whether they prefer low-cost electricity generation, the supply of renewable energy, or high rates of power availability. Rolls-Royce Power Systems is now setting up a microgrid demonstrator in Friedrichshafen that will assist in the design of microgrids that meet a customer’s specific requirements. 

“Microgrids are part of our Green and High-Tech Initiative, with which we are making targeted investments in environmentally sound solutions for the future that are designed to lower the emissions of pollutants and reduce the consumption of energy and raw materials,” said Andreas Schell.

Clermount acted as financial advisor to Qinous in this transaction.

Acumen Announces Nearly $70 Million Close of For-Profit Off-Grid Energy Fund through its subsidiary Acumen Capital Partners

The fund, KawiSafi Ventures, is accelerating access to clean energy solutions for low-income populations in East Africa

New York, NY – April 17, 2019 – Acumen the nonprofit that invests philanthropic capital in companies and leaders tackling poverty, today announced the approximately $70 million close of for-profit fund, KawiSafi Ventures, through Acumen Capital Partners. After investing $22 million of patient, philanthropic capital across the off-grid ecosystem and impacting 81 million lives, Acumen saw an opportunity to drive energy access for millions of low-income people in East Africa and scale the clean energy sector.

In sub-Saharan Africa, more than 600 million people currently live without electricity and spend $17 billion a year on dirty, inefficient energy. KawiSafi aims to deliver clean, affordable energy to 10 million people, at least half of whom live in poverty, and displace more than one million tons of carbon dioxide in the next 10 years, to address energy poverty and help avert the current climate crisis. To date, KawiSafi has invested $21 million to impact 4.3 million people and avert 360 thousand tons of carbon dioxide emissions.

“Acumen’s investing experience has shown us that Africa has a unique opportunity to solve its energy problem,” said Jacqueline Novogratz, Founder and CEO of Acumen. “We created KawiSafi to prove that renewable, off-grid energy can be a faster, cheaper and cleaner way to electrify the continent. By building scalable solutions that can bring power to low-income communities that have lived without electricity for too long, we can create a seismic shift in off-grid energy, releasing immense levels of human productivity and minimizing impact on the environment. Given that Africa’s population is expected to nearly double by 2030, a clean energy strategy is good not just for the continent but for everyone.”

KawiSafi has raised approximately $70 million to catalyze companies that deliver clean, affordable renewable energy to low-income consumers and businesses quickly climbing the energy ladder. The fund maintains Acumen’s values and impact-focused approach to investing but aims to deliver market-competitive returns by making larger, more significant investments in high-growth companies with proven business models. Some of KawiSafi’s early supporters include anchor investor the Green Climate Fund along with Steve Jurvetson, Chris Anderson and the Skoll Foundation. Acumen, as sponsor, holds an equity interest in the fund.

“The energy landscape has changed drastically in the last decade, and we have seen proven, profitable businesses emerge that are already transforming how low-income people access electricity,” said KawiSafi’s Managing Director Amar Inamdar. “These companies need early-growth capital to scale so they meet customer demand and drive innovation in a rapidly evolving ecosystem. KawiSafi will fill critical market gaps to create a sustainable, off-grid ecosystem, supporting countries to realize their UN Sustainable Development Goal of universal energy access.”

d.light, a longtime Acumen investee, is one of KawiSafi’s first investments. The company, which manufactures and distributes a broad range of high-quality, affordable solar products, has impacted more than 90 million lives and offset 21 million tons of CO2. d.light recently closed $41 million in Series E Financing, demonstrating how KawiSafi can help accelerate growth for companies with proven business models poised to generate significant financial and social returns.

KawiSafi is managed by Acumen Capital Partners LLC, an Acumen-owned subsidiary that structures and manages funds investing in social enterprises poised to scale to transform the lives of low-income people everywhere and solve some of poverty’s greatest challenges. Acumen Capital Partners leverages Acumen’s nearly 20 years of investing in the world’s toughest, most underdeveloped markets to address critical capital gaps for social enterprises on their journey to scale.

GCF Executive Director ad interim Javier Manzanares said KawiSafi Ventures has great potential in its ability to act as a role model for similar renewable energy investments in other countries.

“While the establishment of off-grid solar power will initially target at least 10 million energy-scarce people in Rwanda and Kenya, this fund has elements which could be replicated in bringing universal, low-emission power to communities elsewhere,” Manzanares said. “A key benefit of KawiSafi Ventures is the way it empowers solar power entrepreneurs at the grassroots level to leapfrog the need for fossil fuels in lighting up people’s lives.”

Clermount advised Kawisafi Ventures on their second close fund raising with institutional investors.

SunCulture closes investment with EDF Group

SunCulture, a Kenyan-based technology company and a leader in solar water pumps and irrigation solutions for small holder farmers, has closed an investment round with the EDF Group, one of the world’s largest electric utility companies and a global leader in low-carbon energy. 

EDF joins SunCulture’s existing institutional investors, Energy Access Ventures and Partners Group. 

Over the past fifty years, the EDF Group has provided more than 500,000 people in Africa with access to electricity. EDF will share its experience selling and installing off-grid solutions designed for residential customers and its knowledge of Central and West African markets with SunCulture. EDF will also assist in setting up financing vehicles designed to help farmers afford these solar irrigation solutions under SunCulture’s Pay-As-You-Grow platform. 

“EDFs commitment to partnering with local companies to create lasting impact represents an important shift in the way multinationals are doing business in Africa. We’re excited about this partnership, which gives us the opportunity to work with EDF to increase rural household productivity across the continent,” said Samir Ibrahim, SunCulture’s Chief Executive Officer and Co-Founder. 

SunCulture is opening up the East African market for EDF to expand the impact of its off-grid solutions across the continent. SunCulture’s deep understanding of smallholder farmers’ needs will provide invaluable data for EDF to develop its off-grid offering into the agriculture space. EDF is already selling off-grid household technologies in Côte d’Ivoire, Ghana and Senegal. 

“We are proud to invest in a technology company that brings to African smallholder farmers genuinely innovative solutions transforming their lives and fostering economic development in African countries. This partnership enables EDF to enter a new and very promising business line of Off-Grid offerings.  Our ambition is to become SunCulture’s partner of reference in their expansion beyond Kenya, especially in countries where EDF already has a strong footprint”, said Marianne Laigneau, Senior Executive Vice-President in charge of the International Division at EDF. Four out of five African families depend on agriculture for their livelihoods, but just 4 percent use irrigation, with the rest relying on increasingly unreliable rainfall. Although switching to irrigated agriculture increases yields by 90 percent when compared to nearby rain-fed farms, high diesel costs make irrigation an unaffordable expense for many small farmers. With 620 million Africans lacking a connection to the electricity grid, mains-connected electric water pumps are also not a viable option. Andrew Reicher, SunCulture’s Board Chair, adds: “EDF’s investment will finance SunCulture’s plans to scale up and reach millions of customers by continent-wide distribution and introducing credit. EDF brings much more than just money, though. A shared philosophy and commitment to work closely and cooperatively together, access to deep knowhow within EDF, and the opening to us of their extensive contact network, will all significantly increase the probability of success for SunCulture.” Samir Ibrahim, SunCulture’s Chief Executive Officer and Co-Founder, is available for interviews. He can provide more insight into the exciting potential for agricultural productivity in Africa. Clermount advised SunCulture on this transaction 

About SunCulture 

SunCulture is a technology company that makes smallholder farming households more productive in an affordable and environmentally friendly way by selling them affordable solar-powered water pumps and customized irrigation systems bundled with ongoing support and financing. SunCulture was the first company to commercialize solar-powered irrigation in Africa and is the only company in Africa that provides a turnkey solar irrigation solution to farmers. SunCulture’s partners include Energy Access Ventures, Partners Group Impact, Shell Foundation, Microsoft Corporation, and USAID. SunCulture recently won awards for Excellence in Transformational Business and Achievement in Sustainable Development: Food, Water and Land at the Financial Times and International Financial Corporation Transformational Business Awards. 

About EDF 

A key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, and energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 35.1 million customers, of which 26.5 million are in France. The Group generated consolidated sales of €70 billion in 2017. EDF is listed on the Paris Stock Exchange

Clermount acted as financial advisor to SunCulture in this transaction.

AgriProtein secures largest investment to date in the insect protein sector

London, 4 June 2018

FLY-FARMER and waste-to-nutrient pioneer AgriProtein, named as one of the UK’s 10 most disruptive businesses*, has raised a further USD 105 million in funding, marking a new high in investor appetite for the insect protein sector.

The record raise by AgriProtein Holdings UK, together with additional local project finance for a series of factory builds in Africa, the Middle East and Asia, puts AgriProtein on track to deliver its ambitious factory roll-out plans.

Jason Drew, AgriProtein co-founder and CEO, said: “This is a significant vote of confidence in a growth industry producing a sustainable protein for use in animal diets. It reaffirms our position as the leading up-cycler of waste-to-protein and brings us the financial resources for further global expansion.”

The company, which won acclaim as the BBC Food Chain Global Champion 2017, is building a global business through its circular economy strategy: up-cycling organic waste to tackle the food security and waste disposal challenges posed by the world’s burgeoning population, while helping conserve wild-fish stocks in our threatened oceans.

AgriProtein uses black soldier flies and their larvae to convert organic food waste into a high-protein alternative to fishmeal suitable for fish, poultry, pigs and pet food.

Jason Drew said: “We need to see waste differently – as a resource – particularly food waste. A growing population, scarce water and land resources, and declining natural fish stocks make this more critical than ever.”

AgriProtein has fly farm projects under development across the world to produce its flagship product MagMeal™.

The company has expanded its R&D capability, hiring new staff and building chemistry and genetics labs. It has also hired senior staff from engineering and waste management backgrounds to increase its project roll-out capacity.

The company is focusing initially on the aquafeed market, where demand is increasing year on year to satisfy growing consumer appetites for farmed fish.

Worth over USD 114 billion in 2017, aquafeed is predicted to grow by a factor of 2.5 in just eight years to nearly USD 290 billion in 2026. (Source: Reuters/MRC Stratistics, March 2018).

Said Jason Drew: “There is simply not enough marine material left in the oceans to meet fishmeal demand in aquafeed, let alone in feed for poultry, pigs and pets.  Along with algae and bacteria, new, disruptive sources of protein like our own are needed to close the feed gap and, in the process, help repair the future of the planet.”

In January 2018 AgriProtein was named a Global Cleantech 100 company for the second year.

Clermount advised AgriPotein in this fundraising.

*Top 10 Disruptors to Watch: Sunday Times/Virgin Media Fast Track 2017.

SteamaCo secures $2.9 Million series A financing led by Shell

SteamaCo, a market leading technology company focused on enabling energy access in frontier markets, today announced its $2.9 million Series A equity financing. The investment supports the company to further develop its universal smart meter platform for utility customers in Africa, Asia and Latin America. Shell led the investment round, with participation from existing investors: GReeN investor group and Ashden Trust. 

The Series A financing builds on SteamaCo’s early work as a global leader in frontier market energy automation. The company, named on 2017’s Global Cleantech 100 “Ones to Watch”, remotely operates hundreds of distributed energy assets across Africa for some of the world’s most intrepid energy businesses – mini grid operators, off-grid retailers, and grid-edge solar providers – enabling modern energy for tens of thousands of previously unconnected consumers. 

“SteamaCo is an important investment for Shell’s energy access portfolio. We believe their competitive, high functionality offering has disruptive potential for decentralized energy systems,” said Brian Davis, Vice President, Integrated Energy Solutions for New Energies at Shell. “We like SteamaCo’s flexible approach, impressive operational capability and technical expertise.” Harrison Leaf, CEO and Co-Founder at SteamaCo said, “Shell’s support brings within reach significant untapped opportunities in our core markets. We’re investing in the enabling technologies required to connect 1.2bn new consumers with affordable, clean and abundant energy. This year we achieved world leading results with our load shifting, on-bill appliance financing and tariff optimisation services, and we continue our data work to understand and serve consumers better. Beyond the financial investment, we’re thrilled to have access to Shell’s global footprint and supply chain expertise as we continue to scale across borders and industries.” 

SteamaCo was advised by Clermount, a financial advisory boutique, and Pannone Corporate LLP. 

ABOUT STEAMACO 

The utility of the future powers the world’s largest unserved market – 1.2bn unconnected people. Yet standing between the utility and the consumer are many miles of tough landscape, unreliable infrastructure and a lack of data. Founded in Kenya in 2012, SteamaCo enables its customers to sell energy anywhere on the planet. Forged in the most exacting technical environments, its universal smart meter automates any distributed energy asset, even in low- or no-connectivity locations, for the price of a classic meter. 
SteamaCo is headquartered at Manchester Science Park, one of the UK’s leading science and technology campuses, with offices in Kenya. 

www.steama.co 

ABOUT SHELL TECHNOLOGY VENTURES 

Shell Technology Ventures B.V. is the corporate venture capital arm of Royal Dutch Shell plc (“Shell”). It supports Shell’s New Energies business which was created in 2016. New Energies focuses on two main areas: new fuels for transport, such as advanced biofuels and hydrogen; and power, which includes low- carbon sources such as wind and solar, as well as natural gas. Within the power portfolio, Shell is also actively pursuing investments in scalable commercial businesses that expand energy access to communities who currently have no energy at all or unreliable supply. 
 

www.shell.com/about-us/what-we-do/new-energies.html
 

Clermount acted as exclusive financial advisor to SteamaCo in this transaction.

Bastide Le Confort Médical acquires UK-based Baywater Healthcare

Bastide Group has announced that it has signed an agreement for the acquisition of the entire share capital of Baywater Healthcare, previously owned by European investment fund Duke Street. 

Baywater Healthcare is a leader in the UK home oxygen therapy market, where it is the only independent company alongside three major gas group subsidiaries. The United Kingdom is a highly structured market organized into 11 regions. For each region, the National Health Service (NHS) gives one operator exclusive rights for five-to-seven years, provided performance and quality criteria are met. 

At present, Baywater Healthcare successfully operates three of the largest regions, with its exclusivity rights due for renewal in 2019. The company currently provides support to 26,000 patients, representing a market share of close to 25%. Baywater Healthcare employs 230 people and reported revenue of around €27 million in 2017 at current exchange rates. Its recurring operating profitability is today higher than that of Bastide Group. 

The acquisition is subject to the approval of the NHS, which is expected to make its decision in early 2018. It will be paid in cash with an initial price based on the net value of operating assets (equipment) and significant additional payments in the event the exclusivity rights are renewed. The current management team will continue to oversee the company’s development. 

With this strategic transaction, Bastide Group will secure a position in a growing market and increase its portfolio of oxygen therapy patients by more than 50% to 75,000, spread between France and the United Kingdom. The Group will also significantly exceed the €300 million mark for full-year revenue, thereby confirming its change in scale and its strong expansion into high value-added services. 

Clermount acted as financial advisor to Bastide Group in this transaction.

Greenlight Planet Raises $60 MM for Off-Grid Solar Financing Business

London-based private equity fund manager Apis Partners and other investors announced disbursement of $60 MM in new funding to Greenlight Planet Inc., the leading provider of off-grid solar products and solar financing for underserved populations around the world. 

Greenlight Planet, a growth-stage company with a mandate to deliver social as well as financial returns, disclosed that it has been profitable in each of the last 10 financial quarters. 

Greenlight Planet announced that it now operates the world’s largest direct-to-consumer, pay-as-you-go (PAYG) solar product distribution business, with over 2,400 company-managed sales agents in five countries, selling more than 25,000 solar products to off-grid consumers each month. Using mobile money systems, customers pay for their solar energy products over time, for as little as 25 cents per day. After six to eight months, they own the solar product outright, making solar energy more affordable than traditional electrical grid power. 

Greenlight’s line of Sun King™ solar-powered products, now used by nearly 30 million consumers in 62 countries, includes lighting, home energy systems, phone chargers, radios, fans, and soon-to-be-released televisions. The company began selling affordable solar home systems just three years ago, and has sold nearly 600,000 to date, now at a rate of over 1,000 solar home systems per day. Greenlight Planet partners with a network of more than 100 distributors, including retailers, NGOs, and over 40 micro-finance institutions, to provide sales and service for off-grid communities in 62 countries. 

Financing of off-grid solar home systems is a step toward broader financial inclusion for rural, unbanked consumers in emerging markets across Africa and Asia: Consumers without previous access to credit can build a credit history via the PAYG payment model, enabling Greenlight to offer them additional products and financial services in the future. Greenlight Planet will use the new debt and equity capital to expand its solar-energy product lines, distribution networks, and financing capabilities in Africa and Asia. There, over a billion people lack reliable access to electricity, finding it too expensive or unavailable. 

Clermount acted as financial advisor to Greenlight Planet in this transaction.

Sunna Design raises 7 million euros to deploy its industrial and commercial strategy

Sunna Design announced today a €7 million fundraising which should enable it to deal successfully with new international markets by strengthening its commercial and industrial capacities. 

Having developed pioneering technologies such as its range of smart solar street lights, Sunna Design has the means to pursue its development in the promising field of connected solar street lights for smart cities by launching a groundbreaking offer that combines energy and digital. 

In addition to the new blue-chip investors such as BNP Paribas, Sunna Design received the continuous support of the historic shareholders who accompanied us during the previous round of € 5 million in December 2014. The participation of institutions and experts in the financing round validates Sunna’s strategy that is focused on synergies between solar power, LED, storage and digital embedded in quality products to meet the needs of sunny and emerging countries. With its maintenance-free solar street lights designed to last 10 years, Sunna Design is well placed for convincing local buyers who are now demanding and sensitive to the notions of climate resilience and lifespan. 

For Pierre François, former CEO of Sicame Group and new investor “Sunna has developed a very coherent approach, by first positioning proprietary technologies, and by structuring strategic partnerships with industry leaders such as Schneider Electric and Thorn Lighting. Now the company is strengthening its industrial capabilities with a concept: the factory of the future, flexible and easy to set up as close as possible to targeted markets. I was taken by the Sunna teams’ agility and thorough understanding in the field.” 

The fundraising will also allow to continue the development, under the Moon brand, of a new business providing access to energy and digital services for rural populations of Africa by allowing them to enter into a virtuous circle of cost savings and generation of income. Launched eighteen months ago, Moon has already proven its relevance in Senegal, where hundreds of customers already buy Moon kits composed of a solar system and a smartphone using the pay-as-you-go system. Sunna Design’s energy access business was partly funded by the crowdlending platform of Solylend, together with well-known donors such as the French Development Agency, the French Treasury through its FASEP tool, and most recently, USAID. 

Clermount acted as financial advisor to Sunna Design in this transaction.

SOLARKIOSK partners with BESTSELLER FOUNDATION

At the end of June 2017 BESTSELLER FOUNDATION formalized an investment into SOLARKIOSK AG that will see SOLARKIOSK increase the number of kiosks – dubbed E-HUBBS – that it currently has in its core countries of operation in East Africa; Kenya, Tanzania and Rwanda. The solar panels that lend their name to the business are the backbone of mini-grids that can power E- HUBBS in a number of configurations depending on the context – e.g. a market place, a health center, a business hub or a mix thereof. 

The investment will enable SOLARKIOSK to set up an additional 85 E-HUBBS and with an average of 5,000 households in the catchment area of each E-HUBB some 425,000 households will feel the difference a nearby E-HUBB makes. In addition E-HUBB operators will be recruited locally – in some places one and in other places two – which will create direct employment for approximately 120 people. 

There’s a strong mission alignment between BESTSELLER FOUNDATION and SOLARKIOSK which provides the basis for a solid partnership that will enable, empower and enhance the sustainable economic development of communities at the base of the pyramid. 

Clermount acted as financial advisor to SOLARKIOSK in the context of this equity raising.

Mobisol completes the largest equity raising in the off-grid solar sector so far

Investec Asset Management, through its African private equity capability, has acquired a significant shareholding in Mobisol, a leading and rapidly-growing provider of off-grid solar home systems (SHS) in Africa in the biggest yet round of equity financing for the off-grid solar industry. 

Mobisol, based in Berlin, makes rooftop solar systems that generate electricity in places that aren’t connected to the power grid. Their largest 200W product can power lights, mobile phones, a radio, a small TV and refrigerator. The company has 60,000 customers in Tanzania and Rwanda, and recently expanded to Kenya. It’s grown 80 percent year on year in 2016 and plans to move into Uganda and Nigeria in the next two years while continuing to scale in its existing markets. 

A three-year payment plan makes the systems highly affordable while a significant proportion of customers are also able to generate income from their SHS, for example by providing a mobile phone charging service or by running productive electrical equipment in businesses, such as hair clippers in barber shops. The use of innovative mobile technology such as mobile money, allows customer payments and remote system monitoring to be carried out in a cost and time-efficient manner. 

The off-grid solar industry emerged from non-existence a decade ago to a market worth about $700 million in 2015, according to Bloomberg New Energy Finance. 

Pay-as-you go solar companies have mostly received investments from impact or strategic investors so far. Mobisol’s round with Investec breaks this mold, bringing in a private equity player and signaling that the sector is changing from impact-driven to a purely commercial opportunity. 

Clermount acted as financial advisor to Mobisol in this transaction.