Gaia Impact Fund has just completed an equity investment in Innovex. The Ugandan-based company provides digital solutions for the payment and remote monitoring of solar photovoltaic installations.
Innovex obtains funds to expand its cooperation with solar energy providers in Africa. The Ugandan-based company has concluded an equity investment in its capital with Gaia Impact Fund, a French investment fund dedicated to renewable energy. The terms of this investment have not been specified. However, Gaia believes that the funds injected into the company will be used to expand its digital services in the burgeoning solar energy market in Uganda and elsewhere in Africa.
Innovex has developed “Remot”, a cloud-based solution enabling solar energy providers to remotely monitor and manage their installations. The software “has transformed the way many of these solar companies do business, including improved after-sales service and the ability to pay-per-use for larger solar systems. This has reduced overall downtime and improved the accessibility of solar systems and equipment,” says the Gaia Impact Fund.
Facilitating access to electricity for 3 million people
In a context marked by the democratisation of solar energy, Innovex’s “Remot” solution finds all its importance. According to Gaia Impact Fund, 300 companies are active in the solar energy market in Uganda alone. Across the African continent, thousands are installing grid-connected solar power plants, mini grids and solar home systems.
In addition to remote monitoring, Innovex’s technology enables decentralized solar energy providers to collect payments remotely. Gaia Impact Fund estimates that its investment in the company, founded in 2016 by Douglas Baguma K and David Tusubira (photo), will extend the “Remot” technology to 100 solar energy distributors across Africa, providing access to solar energy to 3 million people by 2023.
Jean Marie Takouleu