IIX global, a Singapore based organisation, has announced an investment of $1.66 million under Series A round from the IIX Growth Fund, into off-grid solar energy firm SOLshare.
This is IIX global’s first investment in Bangladesh. The company has five million solar home systems installed.
The fund is backed by a consortium of investors – innogy New Ventures LLC (the venture capital investment arm of the German utility firm innogy SE) and Portuguese utility firm ED.
SOLshare has developed a peer-to-peer solar electricity trading platform for off-grid households. The funding from the IIX global will be used to increase access to clean energy for over 19,000 rural households. It will also enable 14,000 micro-entrepreneurs and reduce 2,200 metric tons of carbon emissions by 2021.
“With majority of the world’s energy poor living in Asia, the IIX Growth Fund invests in innovative enterprises like SOLshare that meet rising energy demands, maximize scarce resources, and ensure a sustainable future for everyone. SOLshare’s tech-driven platform has already received global recognition, and we are happy to be able to fund their rollout in Bangladesh and expansion into neighboring countries,” said Robert Kraybill, Managing Director of IIX in a media statement.
Sebastian Groh, Managing Director of SOLshare, added saying, “The aim is to create efficient and dynamic local energy markets that empower households and encourage solar entrepreneurship – starting in Bangladesh, followed by India before the end of this year, and eventually on a global scale.”
SOLshare is also working with other partners such as the German Development Cooperation (GIZ), the Tokyo Electric Power Company (TEPCO), Australian utility firm Origin, and Microsoft.
Previously, the Asian Development Bank (ADB) announced that it would give $20 million loan to Bangladesh under its Power System Efficiency Improvement Project for the furtherance of off-grid solar solutions in the country.
Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer