Solar distributor Oolu raised $8.5 million in a Serie B investment round led by RP Global an independent renewable energy developer. The round saw participation from Persistent Energy Capital, Gaia Impact Fund, All On, DPI Energy Ventures, and other investors.
Most people lacking access to electricity in West Africa are in remote areas. The West African Solar Pay-As-You-Go solar distributor caters to both rural and peri-rural communities. Since its inception in 2015, Oolu has sold over 60,000 solar systems for homes. Oolu employs 250 employees on a full-time basis and is run by a Dakar-based management team comprising of 50% women.
The funding will help the company in its growth and continue providing solar solutions. Oolu hopes to exploit the opportunities that exist in the manufacturing and distribution for SMEs, At the moment most of their solar products are imported from Asia.
More on the CNBC Africa interview by Doseke Akporiaye, Oolu Nigeria MD.
Source: CNBC Africa