It’s a gamble won for Oolu. The solar home systems provider is raising $8.5 million in a Class B fund raising to bring its electricity access solution to West Africa. The funds were raised from several investors, including RP Global, All On, Persistent Energy Capital, Gaia Impact Fund and DPI Energy Venture.
In rural and peri-urban areas of West Africa, the company, founded in 2015, distributes kits consisting of a solar panel and storage capacity to enable households to have electricity after dark. Its system also has terminals for recharging mobile phones. To date, the company has opened offices in Senegal, Mali, Burkina Faso and Nigeria.
The renewable energy provider has already distributed as many as 60,000 solar home systems through a “vast distribution network” in West Africa. The company, which already employs 250 people, wants to use its new financing to “expand its core product offering to meet the needs of its current and future customers and expand its business in West Africa”.
“RP Global’s financial expertise and experience in the management of renewable energy companies will enable us to accelerate our growth. All On’s unparalleled knowledge of the renewable energy sector in Nigeria will help us to further tailor our operations to meet the needs of our clients. In addition, we look forward to continuing our successful collaboration with existing investors, particularly Persistent Energy Capital,” said Dan Rosa, co-founder and managing director of Oolu.
Jean Marie Takouleu