This archive report was first published on 28 August 2019.
On August 28, 2019, BBOXX, a leading pay-as-you-go solar energy firm, announced that it had raised $50 million in a Series D funding round led by Mitsubishi Corporation to expand its operations across Africa and Asia.
The funding round also saw participation from ENGIE Rassembleurs d'Energies, Bamboo Capital Partners, DOEN Participaties, and MacKinnon, Bennett & Company (MKB).
According to Mansoor Hamayun, CEO and Co-founder of BBOXX, Mitsubishi Corporation's extensive reach and sector-specific expertise will help the company to reach more people without reliable access to modern utilities and services at an 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,” Hamayun added.
BBOXX has installed over 200,000 solar home systems (SHS) which are remotely monitored via BBOXX Pulse, an Internet of Things digital platform. The company plans to use Mitsubishi Corporation's expertise to power its innovation-led development.
The investment follows a string of deals and strategic partnerships, including a $31 million investment from Africa Infrastructure Investment Managers in January 2019 and a partnership with EDF, the world's leading electricity company, in Togo.
With the new investment, BBOXX aims to grow its operations across Africa, where it currently operates in 12 countries, as well as in Asia. The investment will see the company more than double its reach and impact in Africa.
