A start-up firm in Africa that lets clients lease moveable, solar-charged batteries has acquired a strategic funding from Octopus Vitality Group.
The worldwide clear vitality agency introduced the strategic funding in MOPO – “a pioneering vitality tech firm delivering clear, dependable vitality 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 clients lease moveable, solar-charged batteries from native hubs. The corporate’s proprietary solar-powered batteries supply a sustainable, extra inexpensive various to pricey, polluting petrol turbines – commonplace throughout the area and dangerous to well being and the setting.
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 cellphone 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 development trajectory and demand, the corporate lately reached the milestone of 1 million battery leases monthly. With 1,200 workers, and year-on-year income development of 300%, MOPO is scaling quick.
“Octopus Vitality’s funding in MOPO marks the subsequent step in its mission to develop renewable vitality entry globally, serving to to ship inexperienced vitality to the 600 million individuals in Sub-Saharan Africa presently with out dependable entry to energy*,” mentioned 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, mentioned: “MOPO has mastered methods to present inexpensive, inexperienced energy to communities in Sub-Saharan Africa, which undergo 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 probably the most.”
Chris Longbottom, CEO of MOPO, mentioned: “At MOPO, we’re remodeling Africa’s vitality panorama by offering inexpensive entry to sustainable electrical energy in areas with poor vitality 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 imagine our new shareholders totally recognise.”
Ibrahim Bangura, a MOPO buyer in Sierra Leone, mentioned: “Earlier than MOPO, my household struggled with unreliable vitality and excessive prices. Now, we have now constant, inexpensive energy that helps my youngsters research after darkish, and I can run my enterprise extra reliably. MOPO has modified my life!”
*Sustainable Growth Purpose 7: Entry to Electrical energy, Knowledge & Projections, Worldwide Vitality Company (IEA)
