Investment firm Mirova SunFunder has announced $5.3 million in funding for BioLite. The US company manufactures solar home systems and clean cooking kits in sub-Saharan Africa.
BioLite is getting funding to expand its business in sub-Saharan Africa. The New York-based company in the United States of America is getting $5.3 million from Moriva SunFunder. The transaction, in partnership with the Energy Inclusion Facility’s Off-Grid Energy Access Fund (EIF-OGEF), was arranged by Lion’s Head Global Partners.
In sub-Saharan Africa, BioLite provides solar home systems that enable the electrification of rural households. These stand-alone systems are often accompanied by other solar-powered appliances. The company also provides low-carbon cooking kits that address the need to reduce deforestation associated with the use of wood for cooking in Africa.
According to Mirova, the $5.3 million loan will enable BioLite to finance its “increased working capital needs, a product of its rapid expansion in sub-Saharan Africa”. “Access to this additional capital is critical to BioLite’s continued growth and success in the off-grid solar market and to help us achieve our goal of providing clean energy and combating climate change,” said Robb Dahir, BioLite’s CFO.
As the company continues to expand in Africa, it has already secured other funding in recent years. As the world was living with the Covid-19 pandemic in 2020, BioLite secured $5 million in funding from KawiSafi Ventures, an impact fund dedicated to East African countries. The funding was intended to expand the distribution of BioLite’s solutions, invest in new product development and streamline its supply chain in China.
Jean Marie Takouleu