SolarX is the one-stop-shop for solar energy solutions. Based in the capital Bamako, the firm completed a Serie A financing. The deal was courtesy of Energy Access Ventures (EAV) – A seed energy firm invested in renewable energy across Africa.
SolarX has not disclosed details of the investment, however, the funds will oversee their expansion across West Africa and the development of other solar markets in Burkina Faso, Côte d’Ivoire, and Mali. They plan on financing the installation of photovoltaic systems on businesses operating in these countries.
The solar photovoltaic cells provided by the company help businesses save on electric bills. The Bamako-based company also provides solar pumping and systems useful for drinking water in rural areas.
“Because 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,” Karim Ghammache, founder & CEO of SolarX.
The Energy Access Ventures investment fund is supported by the Schneider Electric and managed by VC firm Aster Capital (Paris). EAV receives funding from development partners such as European Investment Bank, the Investment and Support Fund for Enterprise in Africa, French Global Environment Facility, Commonwealth Development Corporation, and the UK government’s development finance agency.