Japanese giant Marubeni Corporation leads several investors putting a total of $26m into Azuri Technologies, which provides pay-as-you-go solar home solutions to off-grid households across Africa.
The investment, which also comes from existing shareholders, will help Azuri to accelerate expansion in existing sub-Saharan Africa countries and roll-out its solar lighting, TV and additional services into new markets.
Azuri Technologies chief executive Simon Bransfield-Garth said: “We are delighted today to announce the equity investment by Marubeni Corporation and existing shareholders.
“The entry of a leading player in the international energy market into this sector demonstrates the increasing maturity of off-grid power and its role in serving the 600 million people in Africa that still lack access to electricity.”
Marubeni Corporation power division chief operating officer Yoshiaki Yokota said: “We believe that Azuri’s unique business model will have a profound impact on the growing off-grid energy market in Africa.
“The global energy market is evolving rapidly, with the introduction of new renewable technologies and energy-efficient devices.
“We are delighted to be a strategic partner of Azuri as a market leader and see their solar home solutions and services as catalysts for change in the Africa energy sector and beyond.”
IP Group partner Jamie Vollbracht said: “As an early investor in Azuri, we are pleased with its growth to date, with over 150,000 systems sold, positively impacting off-grid households in Africa.
“Today we are delighted to welcome Marubeni to the business to help power the next exciting phase of growth for Azuri.”
Law firms Akira Partners and Taylor Wessing advised Azuri Technologies.