Bamako, Mali based solar energy provider SolarX recently completed its Series A fund raising with an undisclosed amount.
The series A funding was led by Energy Access Venture (EAV), a seed investment fund. It invests in and supports decentralized energy companies across sub-Saharan Africa.
SolarX wishes to conquer other markets in West Africa with the planned development of the solar market. Further, the company will be financing and installing photovoltaic solar systems in these countries.
In West Africa electricity access is expensive and unreliable for many commercial and industrial (C&I) businesses. Moreover, this gives SolarX a golden opportunity to tap the region’s vast solar radiation coverage.
“As power generation in our target market comes from expensive, hard-to-get and volatile fossil fuels, most companies are looking for cheaper, more reliable and cleaner energy. Despite market demand, it was difficult to attract financial partners before engaging with EAV,” says Karim Ghammache, founder and CEO of SolarX, in an interview.
SolarX provides a one-stop shop solution for clean energy services which are reliable and affordable. Also, it is a renewable energy company providing clean energy solutions to C&I clients in West Africa. SolarX was founded by Omnium Invest’s management team, who have been operational in Mali for the past 20 years. Furthermore, the team members include Karim Ghammache (Co-founder and CEO), Simballa Sylla (Co-founder and Business Development Manager), Joseph Jabr (Operation Officer) and Madina Astou Barry (Financial Manager).
SolarX offers easy access to financing and energy efficiency services. Thus, allowing companies to focus on their core business operations and operate on environmentally friendly and cost-efficient energy sources. Also, it helps customers save on their electricity bills by its grid-connected solar photovoltaic systems. Moreover, SolarX also provides solar pumping systems used for drinking water supply (DWS) in rural areas.
Energy Access Ventures (EAV) investment fund is sponsored by the French group Schneider Electric. Further, Venture Capital firm Aster Capital based in Paris manages it. European Investment Bank (EIB), the Investment and Support Fund for Enterprise in Africa (Fisea), the French Global Environment Facility (FGEF) and the Commonwealth Development Corporation (CDC Group), United Kingdom govt’s development finance agency funds EAV. Also, EAV excels in financing off-grid suppliers in Africa, notably Nuru.
“We are proud to continue to foster the development of C&I solar, investing in experienced local teams and innovative business models across underserved, frontier markets in Sub-Saharan Africa. With decades of combined operating experience in Mali, the SolarX team has the right expertise and execution capabilities to create a leading regional franchise with an appropriate and comprehensive C&I offering.” said Vladimir Dugin, Principal at EAV