Diversified conglomerate Marubeni led a $26m funding round for UK-headquartered solar technology producer Azuri Technologies yesterday that also featured commercialisation firm IP Group.
Founded in 2012, Azuri Technologies supplies pay-as-you-go solar energy systems to households that lack access to an electricity grid. The products are distributed across 12 sub-Saharan Africa countries through a network of local partners.
The company also offers AzuriTV, a solar-powered entertainment package that includes a television, access to local and international satellite broadcasters, LED lights and a torch, a rechargeable radio and the ability to charge mobile devices.
Azuri employed Akira Partners and Taylor Wessing as advisers on the transaction, and the funding will be used to extend Azuri’s reach in its existing markets and enter new areas.
Although Azuri has not disclosed details of previous equity funding, it has secured at least $27.8m in debt financing from investors including Standard Chartered Bank, the European Union’s ElectriFi scheme and impact investment platform Trine, according to press releases and media reports.
Yoshiaki Yokota, chief operating officer of Marubeni’s Power Business Division, said: “We believe that Azuri’s unique business model will have a profound impact on the growing off-grid energy market in Africa.
“The global energy market is evolving rapidly, with the introduction of new renewable technologies and energy-efficient devices. We are delighted to be a strategic partner of Azuri as a market leader and see their solar home solutions and services as catalysts for change in the Africa energy sector and beyond.”
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