Off-grid solar company BBOXX has successfully raised $20 million in a Series C round from a consortium of investors made up of ENGIE Rassembleurs d’Energies, MacKinnon, Bennett & Company (MKB), the recently-launched KawaSafi Ventures as well as existing investors Khosla Impact Fund, Bamboo Finance and DOEN Foundation. Additional details of the transaction were not released.
The capital will be used to support the company’s expansion plans in its existing markets of Kenya and Rwanda as well as accelerate the provision of BBOXX products and services in other markets, including Cameroon, Côte d’Ivoire and Nigeria.
Since 2010, BBOXX has provided 350,000 people in 35 countries with off-grid energy on a utility scale. The company is currently building its operational headquarters in Rwanda’s capital, Kigali, where it hopes to continue experiencing rapid growth as the country pushes towards its goal of electrifying over 20% of the population with off-grid solar systems. BBOXX expects to be electrifying as may households as the Rwandan national grid by the end of 2016.
“We have built an innovative, data-powered technology platform for the next generation of distributed utility companies,” said BBOXX CEO Mansoor Hamayun. “We are already deploying systems at the fastest rate in East Africa, at 10kWp of solar per day, and I am excited that we will continue to grow quickly over the next few years.”