Easy Solar, the West African energy startup just completed a US$5 million Series A debt-equity round to scale its operations and launch new products across Liberia and Sierra Leone.
Easy Solar was founded in 2016, as an innovative distribution company that plans to integrate underserved communities to the national grid. The company hopes to make energy and financial services affordable to residents who have limited access.
Thus far, Easy Solar has distributed energy to over 450,000 people creating 600 clean energy jobs with far-reaching distribution networks stretching to the last mile. The company provides a wide range of energy solutions from small solar lighting lanterns to mobile charging stations. They also distribute pico solar home systems such as fans, TVs, and other systems designed for commercial, residential, and industrial centers.
Easy Solar plans to raise her stake in the region with the $5 million Serie A round that comprises a $3 million equity investment from FMO, Acumen, Dutch entrepreneurial development bank, and a $2 million debt facility from TRINE.
The company plans to expand further into West Africa while delving deeper into the markets they currently operate in. They also intend to bring in more investors to the table and scale the C&I activities that answer to the growing needs of farms, offices, factories, hospitals, and schools across West Africa.
FMO’s venture programme manager Marieke Roestenberg detailed how off-grid companies deliver affordable, clean, and reliable energy without investing in grid infrastructure.
In a market like Sierra Leone with low electrification rates and limited clean energy alternatives, Easy Solar’s business model is highly relevant.