Mali based SolarX raises undisclosed series A fund from Energy Access Ventures (EAV), a renewable energy seed investment fund.
The company supplies solar energy systems for electricity and solar pumping systems for water supply in rural.
No details have been provided on the funds raised in this financing round. However, the investment is expected to enable SolarX to expand its services in West Africa with the planned development of the solar market in Mali, Burkina Faso, and Côte d’Ivoire. In these countries, SolarX will finance and install solar photovoltaic systems mainly for businesses.
SolarX Founder and CEO Karim Ghammache highlighted the difficulty in raising money for expansion. “Despite market demand, it was difficult to attract financial partners before engaging with EAV,”
But emphasized the market potential for the sector saying “Because power generation in our target market comes from expensive, hard-to-get and volatile fossil fuels, most companies are looking for cheaper, more reliable and cleaner energy. “
The Energy Access Ventures (EAV) investment fund is sponsored by Schneider Electric and managed by Aster Capital based in Paris, France with funding from the European Investment Bank (EIB), the Investment and Support Fund for Enterprise in Africa (Fisea) owned by the French Development Agency (AFD) and managed by Proparco, the French Global Environment Facility (FGEF), administered by AFD, and the Commonwealth Development Corporation (CDC Group) and the UK government’s development finance agency.