Off-grid solar solutions provider SolarHome has raised USD 1.2 million (EUR 977,000) from a convertible notes placement that will help it expand its business in Myanmar.
The Singapore-based company offers solar home systems and financing schemes to off-grid households across Southeast Asia through the pay-as-you-go (PAYG) model. It currently operates in Myanmar, supporting seven hubs in the country with a personnel of over 150 field sales representatives and installers. Since its start-up in January 2017, SolarHome has equipped with solar more than 4,000 homes in rural Myanmar and has been “doubling its monthly installation rate in the last six months,” it said on Thursday.
The latest financing round included investment from Singapore-based venture capital firm Beenext, an impact-oriented family office, investment group X Capital Ventures and Singaporean investor Koh Boon Hwee. SolarHome intends to use the fresh funds to expand its PAYG solar offerings and distribution networks in Myanmar and strengthen its balance sheet.
"We have a large target market of eight million households in Myanmar alone, and we are confident this round of capital will enable us to stay on course to bring affordable renewable energy to over 40,000 households by end 2018," said CEO and co-founder Ted Martynov.
To date, SolarHome has secured more than USD 2.3 million in funding. Its seed capital was provided by FORUM, the biggest intech venture builder in Emerging Asia.
(USD 1.0 = EUR 0.814)
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