BBOXX raises €6M via crowdfunding to improve access to solar power in Togo and six other African nations
Wednesday, 06 March 2019 16:52 
(Togo First) - BBOXX, first operator active on the CIZO project in Togo, just raised more than six million euros through a crowdfunding arranged with Trine, a service that carries out sustainable investments in solar energy.
Sources close to BBOXX reveal that in Europe, 4,400 single investors took part in the crowdfunding, investing an average of €500-€600.
BBOXX’s goal is to “speed up installation of domestic solar kits in Togo, Kenya, Rwanda, DRC, Mali, Senegal and Guinea.”
The fundraising, the largest ever via crowdfunding in Africa for solar power, should benefit more than 200,000 people with no or limited access to power in these countries. “This investment will benefit all customers of BBOXX, unlocking potential of households, communities and SMEs in both rural and urban areas,” the British firm added.
Crowdfunding, an innovative way to fund solar energy projects
Mansoor Hamayun, CEO and Co-founder of BBOXX declared: “Hundreds of millions of people in Africa still live without electricity. Our collaboration with Trine helped us reach out to single investors that share a vision which is to transform the lives of these people by providing them sustainable energy. Crowdfunding could change the way the solar industry is financed and put pressure on investors active in the sector to adapt their commercial models, thus benefiting customers.”
For his part, Sam Manaberi, CEO and Co-founder of Trine added: “We recorded an unprecedented demand of retail investors who wish to invest, sustainably, in solar power in growing markets like Africa… Crowdfunding is a flexible and cost-effective funding mechanism that allows high-growth firms like BBOXX to easily expand.”
Séna Akoda
