BBOXX raises $50m led by Mitsubishi to expand across Africa

BBOXX, a pay-as-you-go (PAYG) solar energy firm, has raised $50 million Series D funding round led by Mitsubishi Corporation to expand across Africa and Asia.

ENGIE Rassembleurs d’Energies, Bamboo Capital Partners; DOEN Participaties and MacKinnon, Bennett & Company (MKB) participated in the round.

According to Mansoor Hamayun, CEO and Co-founder, BBOXX: “Mitsubishi Corporation’s extensive reach, sector specific and technological expertise will help us to reach more people without reliable access to modern utilities and services at even greater scale.

“We look forward to this next phase of growth that will help us to transform more lives, unlock potential and grow our already global footprint by opening up new markets and develop further our product range.”

BBOXX has installed 200,000 solar home systems (SHS) which are remotely monitored via BBOXX Pulse, an Internet of Things digital platform. The firm will use Mitsubishi Corporation’s deep rooted sector experience to power BBOXX’s innovation-led development.

The investment follows a string of deals and strategic partnerships including the $31 million investment from Africa Infrastructure Investment Managers in January. Last year EDF, the world’s leading electricity company, became a joint shareholder in BBOXX Togo with a 50% stake.

With the new investment, BBOXX aims to grow across Africa, where it currently operates in 12 countries, as well as in Asia. The investment will see it more than double its reach and impact in Africa.

Mr Hamayun added: “Our Series D round is made up of investors spanning three continents and is a testament to how the global community is embracing sustainability. BBOXX provides the technology and the scalability that makes us a tool for development and brings us closer to meeting the United Nation’s Sustainable Development Goals (SDGs).”

The Power Solution Group currently owns and operates about 6,100 MW of net generation capacity globally as of 30th June 2019 including wind, solar and other types of renewable energy. It is active in areas that help to combat climate change and secure sustainable supplies of energy to support a transition to a low carbon society.

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