Funding of $2.7 million obtained by MPower Ventures for the expansion of solar solutions throughout Africa.
MPower Ventures AG, a venture-backed startup based in Africa, is making strides in the clean energy sector by providing solar power solutions to off-grid and weak-grid communities across the continent [1][2]. The company's focus is on transforming the renewable energy landscape in West and Southern Africa, where electricity grids are often unreliable or nonexistent [1].
MPower Ventures AG has successfully raised significant funding, with reported amounts reaching over $31 million [2]. While the exact details of the investment from CEI Africa, Klimja, and Republic are not specified, it is evident that these entities have provided support [2].
The funding will be used to accelerate MPower's expansion in West and Southern Africa, helping the company to scale up its operations and increase access to reliable and sustainable energy for underserved communities [1][2]. MPower operates on a business-to-business (B2B) model that integrates hardware, software, and financing [1].
The company has already made a substantial impact, having sold more than 50,000 solar products across seven African countries [1]. MPower Ventures AG has also gained recognition from the Solar Impulse Foundation and the Climate-KIC Accelerator, and has secured support from institutional investors, impact funds, and international development organizations [1].
In addition to the funding from CEI Africa, Klimja, and Republic, MPower Ventures AG has also secured financial support from South Pole, InnoEnergy, the Swiss Capacity Building Facility, and UK Aid [2]. With this new funding, MPower Ventures is set to expand its footprint in Africa's solar sector and continue its mission of providing clean energy solutions to those who need it most.
References: [1] MPower Ventures. (2021). About Us. Retrieved from https://mpower-ventures.com/about-us/ [2] MPower Ventures. (2021). News. Retrieved from https://mpower-ventures.com/news/
MPower Ventures AG has secured funding from venture capital firms CEI Africa, Klimja, and Republic, totaling over $31 million, which will be used to expand their operations and increase access to clean energy in West and Southern Africa. By integrating hardware, software, and financing, MPower's B2B model is poised to promote technological advancements in environmental-science, specifically clean energy solutions, across the continent.
