Mali-based solar company SolarX has raised an undisclosed Series A funding round to help it expand at home as well as in Burkina Faso and Ivory Coast.
SolarX provides a one-stop shop solution for clean energy services, providing reliable and affordable energy which allows end-users to operate more efficiently in challenging environments.
The funding round was led by Energy Access Ventures (EAV), an early-stage fund investing in decentralised energy companies across Sub-Saharan Africa, and the UK’s CDC Group, and will be used to help SolarX develop and operate projects in Mali, Burkina Faso and Ivory Coast.
“As energy generation in our target market comes from costly, difficult-to-get and volatile fossil fuels, most C&I clients are looking for cheaper, more reliable and cleaner energy. Despite the market demand, attracting financial partners had been a challenge before engaging with EAV,” said Karim Ghammache, founder and chief executive officer (CEO) of SolarX.
“The EAV team has been instrumental in supporting us to set up the company, define the right business model, put together operational structures and develop connections with relevant partners prior to their investment. We are eager to lead the way in growing the renewable energy sector in West Africa.”
EAV principal Vladimir Dugin said his company was proud to continue to foster the development of C&I solar, investing in experienced local teams and innovative business models across underserved, frontier markets in Sub-Saharan Africa.
“With decades of combined operating experience in Mali, the SolarX team has the right expertise and execution capabilities to create a leading regional franchise with an appropriate and comprehensive C&I offering,” he said.