FRV-X invests EUR 10m in solar start-up, crowdfunder ecoligo
Rooftop solar system. Author: Centre for Alternative Technology. License: Creative Commons. Attribution 2.0 Generic
Berlin-based solar-as-a-service provider ecoligo GmbH has closed its Series A funding round, receiving a EUR-10-million (USD 9.74m) investment from FRV-X, the technology and innovations platform of renewables developer Fotowatio Renewable Ventures (FRV).
The investment will enable FRV to boost its business by adding the commercial and industrial (C&I) segment through ecoligo, while the start-up will get to use the funds to grow, expand existing markets and open investment opportunities in more countries, the companies said in a joint statement on Monday.
Established in 2016, ecoligo operates a digital platform that supports C&I solar projects in emerging countries via crowdfunding, and also provides a full range of solutions for the plants, from planning, construction to system maintenance. So, far it has realised 169 projects totalling 82.4 MWp.
The Berlin-headquartered firm has offices in Ghana, Kenya, Costa Rica, Chile, Vietnam and the Philippines.
“With its focus on commercial and industrial facilities, ecoligo perfectly complements our activities in the field of large-scale solar farms,” commented Felipe Hernandez, Chief Innovation Officer at FRV-X. “Our investment in ecoligo is sustainable in two ways, not only in terms of onsite green energy production, but also the democratization of the investment in renewable assets, giving a way to the small investor to take an active role supporting the emerging economies energy transition.”
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