A start-up firm in Africa that lets prospects lease moveable, solar-charged batteries has obtained a strategic funding from Octopus Vitality Group.
The worldwide clear power agency introduced the strategic funding in MOPO – “a pioneering power tech firm delivering clear, dependable power to underserved communities in Sub-Saharan Africa” – on 12 June.
As Octopus explains, MOPO runs a savvy, confirmed and scalable, pay-per-use system that lets prospects lease moveable, solar-charged batteries from native hubs. The corporate’s proprietary solar-powered batteries provide a sustainable, extra inexpensive different to pricey, polluting petrol mills – commonplace throughout the area and dangerous to well being and the atmosphere.
MOPO presently has two battery sizes accessible to lease which ship clear, dependable energy to areas with unstable or zero grid entry. The compact MOPO50 is designed for private use like telephone charging and lighting, and the bigger MOPOMax is able to operating fridges, cooking tools, stitching machines and e-motorbikes, serving to native companies thrive.
Each MOPO batteries and its cutting-edge digital platform, which optimises rental distribution, are designed in-house. MOPO’s solar-powered hubs are put in and run by native technicians and brokers, creating hundreds of inexperienced jobs for native communities.
Since launching in 2017, MOPO has delivered over 25 million battery leases throughout Nigeria, the Democratic Republic of Congo, Sierra Leone and Liberia. Demonstrating its progress trajectory and demand, the corporate just lately reached the milestone of 1 million battery leases monthly. With 1,200 staff, and year-on-year income progress of 300%, MOPO is scaling quick.
“Octopus Vitality’s funding in MOPO marks the subsequent step in its mission to increase renewable power entry globally, serving to to ship inexperienced power to the 600 million individuals in Sub-Saharan Africa presently with out dependable entry to energy*,” stated the group.
The deal follows Octopus’ undertaking with native companions to construct Sierra Leone’s first wind farm on Sherbro Island.
Greg Jackson, Founder and CEO of Octopus Vitality Group, stated: “MOPO has mastered the right way to present inexpensive, inexperienced energy to communities in Sub-Saharan Africa, which endure from unstable or not entry to the grid.
“By harnessing the facility of the solar, Octopus and MOPO could make a giant leap ahead in accelerating electrification within the area – leapfrogging soiled fossil fuels, and bringing clear, dependable energy to the communities that want it essentially the most.”
Chris Longbottom, CEO of MOPO, stated: “At MOPO, we’re reworking Africa’s power panorama by offering inexpensive entry to sustainable electrical energy in areas with poor power infrastructure.
“This funding and the strategic partnership will allow us to speed up the scaling of our enterprise in a market the place the facility provide deficit is especially acute. With greater than 600 million individuals throughout the continent missing dependable grid infrastructure, the chance is huge – one thing we consider our new shareholders totally recognise.”
Ibrahim Bangura, a MOPO buyer in Sierra Leone, stated: “Earlier than MOPO, my household struggled with unreliable power and excessive prices. Now, we’ve constant, inexpensive energy that helps my kids examine after darkish, and I can run my enterprise extra reliably. MOPO has modified my life!”
*Sustainable Growth Aim 7: Entry to Electrical energy, Knowledge & Projections, Worldwide Vitality Company (IEA)