West Africa

Solar power supplier SolarX in Mali completes a Class A fundraiser

The fundraiser was organized by Energy Access Ventures (EAV)

SolarX is the one-stop solar power solutions store. The company , based in the capital city of Bamako, completed Series A funding. The deal was courtesy of Energy Access Ventures (EAV) – a seed energy company that has invested in Africa’s renewable energy.

SolarX has not announced specifics of the investment but the funds will oversee its expansion across West Africa and the growth of other solar markets in Burkina Faso, Côte d’Ivoire and Mali. They intend to finance the construction of photovoltaic systems on the companies operating in those countries.

The company’s supplied solar photovoltaic cells help businesses save on electric bills.

“Because power generation in our target market comes from expensive, hard-to-get and volatile fossil fuels, most companies are looking for cheaper, more reliable and cleaner energy,” Karim Ghammache, founder & CEO of SolarX.

The investment fund Energy Access Ventures is funded by Schneider Electric and operated by VC company Aster Capital (Paris). EAV receives funding from development partners such as the European Investment Bank, the African Enterprise Investment and Support Fund, the French Global Environment Facility, the Commonwealth Development Corporation, and the United Kingdom Development Finance Agency.