Distributed energy co Zola Electric secures USD 90m in funds

Image source: Zola Electric.

September 23 (Renewables Now) - Distributed renewable energy solutions provider Zola Electric has raised USD 90 million (EUR 76.7m) in capital that will allow the company to develop next-generation hardware and software and to enter new markets.

The company said in a statement today that it secured USD 45 million of equity from a number of investors such as TotalEnergies Ventures, DBL Partners, Helios Investment Partners, Vulcan Capital, and the founders of SolarCity -- Lyndon and Pete Rive. The transaction is also supported by Electron Capital Partners through its first private equity investment.

The balance of the capital raise comes in the form of debt provided by Dutch entrepreneurial development bank FMO and solar financier Sunfunder, among other Energy Access lenders.

Zola Electric offers intelligent batteries, integrated into any energy source, including solar, for installation in homes and businesses. Its customers gain data, analytics and control of their systems through the firm’s Vision SAAS software.

At present, the company delivers energy to around 1.5 million users across more than 10 countries, mostly in Africa but also in Asia and South America.

(USD 1.0 = EUR 0.853)

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