A London utility company has raised €6 million ($6.8 million) for its African solar projects through a crowdfunding site — which it says is the largest transaction of its kind to-date.
BBOXX, formed in 2010, has operations in 12 African countries where it provides solar powered energy on a pay-as-you-go basis to thousands of households. The funding was raised through solar crowdfunding company, Trine, with 4,400 unique investors taking part in the financing via the platform.
BBOXX is backed by US venture capital firm SIMA and Bamboo Capital Partners in Luxembourg and has previously raised funding from French utility company Engie.
Retail investors can participate in the platform from €25, but the average investment was between €500-600 in an attempt to help provide supply to areas of the continent, which have little or incredibly limited access to electricity.
Source: Business Insider