Energy+, a Malian off-grid solar venture, has raised US$ 1 million in funding from a group of foreign funding partners to help bridge the country’s electricity gap.
Energy+ is the sole importer, distributor and reseller of d.light off-grid solar (OGS) products in Mali. After its first product sales in March 2019, it has sold thousands of OGS items on a cash and pay-as-you-go (PAYG) basis across Mali.
The company has now received more than US$ 1 million in contributions from a group of funding partners. The funding includes equity and fully funded business development services (EDS) from VentureBuilder, which led the round, debt from Cordaid Investment Management (Cordaid) and grant financing from the United States African Development Foundation (USADF).
“In countries like ours, paying-as-you-go is the perfect way to bring reliable solar home systems to off-grid areas , making access to electricity easy and affordable. With the help of VentureBuilder, Cordaid and USADF, we will be in a position to move strategically from a manufacturer of small electrical batteries to a large-scale distributor of high-quality solar products, “said Simballa Sylla, Chief Executive Officer ( CEO) of Energy+.