Off-grid solar firm BBOXX raises USD 50m from Mitsubishi, others

BBOXX Limited, a London-based next generation utility that delivers solar home systems (SHS), has closed a USD-50-million (EUR 45m) Series D funding round led by Japanese trading major Mitsubishi Corporation (TYO:8058).

The announcement only mentions that Mitsubishi made a “substantial” investment, without unveiling its exact size. Other participants in the funding round include Engie Rassembleurs d’Energies, Luxembourg-based pioneering impact investor Bamboo Capital Partners, Dutch impact investment fund DOEN Participaties and Montreal-based growth equity firm MacKinnon, Bennett & Company (MKB).

BBOXX currently offers pay-as-you-go solar and plans to expand its service offering to include other vital utility services, such as cooking, internet access and water. To date, it has installed about 200,000 of SHS, comprising solar panels and energy storage.

The fresh funds will allow the company to grow across Africa and Asia. At present, it has units operating in Togo, the Republic of Congo, Guinea, Ivory Coast, Kenya, Mali, Rwanda, Senegal, Pakistan and Nigeria.

In January, BBOXX secured a USD-31-million investment from the Africa Infrastructure Investment Managers (AIIM) fund that will enable it to install two million solar systems in Africa by 2022.

(USD 1.0 = EUR 0.902)

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