Mitsubishi invests in pay-as-you-go London solar start-up

BBOXX currently operates in 12 countries in Africa and intends to expand to Asia

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A solar energy start-up that supplies pay-as-you-go systems in Africa has secured $50 million (£41m) in its latest funding round led by Mitsubishi.

Off-grid solar company BBOXX has installed around 200,000 solar home systems across countries including the Democratic Republic of the Congo, Kenya, Rwanda and Togo.

The latest funding will drive the firm’s growth across Africa, where it currently operates in 12 countries, as well as expand into Asia.

Mansoor Hamayun, CEO and Co-founder, BBOXX, said: “The funding is further evidence of Japanese interest in Africa and in PAYG solar energy globally. Mitsubishi Corporation’s extensive reach, sector specific and technological expertise will help us to reach more people without reliable access to modern utilities and services at even greater scale.

“We look forward to this next phase of growth that will help us to transform more lives, unlock potential and grow our already global footprint by opening up new markets and develop further our product range.”

Other investors include ENGIE Rassembleurs d’Energies, Bamboo Capital Partners, DOEN Participaties and MacKinnon, Bennett & Company.

Last year, EDF became a joint shareholder in BBOXX Togo, with a 50% stake.

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