Investment Firm, MPower Ventures, Obtains $2.7 Million in Capital to Broadens Solar Power Offerings Throughout Africa
MPower Ventures AG, a pan-African startup focused on clean energy innovation, has secured €2.7 million ($2.9 million) in funding to expand its solar solutions across West and Southern Africa.
Funding Sources
The funding round includes equity and subordinated debt from various investors, including CEI Africa, South Pole, InnoEnergy, the Swiss Capacity Building Facility, and UK Aid. This marks CEI Africa's first co-investment with crowdfunding platforms.
Business Model
MPower specializes in solar energy solutions, offering services from feasibility studies to system design and installation support for households and businesses. Their expansion into countries like Zambia involves recruiting key roles like Senior Technical Managers to drive project execution.
Impact
By deploying solar solutions, MPower contributes to the transition towards renewable energy sources across Africa, potentially reducing reliance on fossil fuels and offering energy access to underserved communities. The creation of roles like Senior Technical Manager indicates job creation and economic growth in the regions where they operate.
Potential Expansion in West Africa
While there isn't direct information on MPower's operations in West Africa, the broader context suggests potential opportunities for growth in the renewable energy sector. Organizations like the Swiss Capacity Building Facility are involved in various projects across West Africa, focusing on financial inclusion and resilience.
Recognition
MPower has gained recognition from the Solar Impulse Foundation and the Climate-KIC Accelerator for its work in delivering off-grid solar solutions to underserved communities across Africa.
Successful Crowdfunding Campaigns
MPower's crowdfunding campaign has successfully raised €795,000 ($860,000) on Klimja and €1.7 million ($1.85 million) on Republic.
Leadership
Steven Evers, a member of CEI Africa's executive board, emphasized MPower's influence in delivering off-grid solar solutions to underserved communities across Africa. MPower's CEO, Manuel Seiffe, emphasized the importance of financial innovation in tackling energy poverty.
Business Portfolio
MPower's business portfolio is structured around four core segments: small solar home systems, backup power solutions, small-scale commercial and industrial (C&I) solar projects, and product productive-use equipment and e-mobility solutions. To date, MPower has sold over 50,000 solar products across seven African countries.
The new funding will enable MPower Ventures to expand its footprint in Africa's solar sector, contributing to a cleaner, more sustainable energy future for the continent.
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