Pay-as-you-go solar solutions firm Azuri Technologies has raised $26 million including an equity investment from Japan’s Marubeni Corporation with additional participation from existing shareholders, including IP Group plc.
Simon Bransfield-Garth, CEO of Azuri Technologies said that the funds will be used to boost its growth plans in both East and West Africa, and it will aid in roll out of its solar lighting, TV and additional services into the new markets with the key focus of enhancing the lives of millions living without access to the grid.
“We are delighted today to announce the equity investment by Marubeni Corporation and existing shareholders. The entry of a leading player in the international energy market into this sector demonstrates the increasing maturity of off-grid power and its role in serving the 600 million people in Africa that still lack access to electricity,” said.
Yoshiaki Yokota, Chief Operating Officer, Power Business Division at Marubeni Corporation commended Azuri’s unique business model which he said will have a huge impact on the growing off-grid energy market in Africa.
“The global energy market is evolving rapidly, with the introduction of new renewable technologies and energy -efficient devices. We are delighted to be a strategic partner of Azuri as a market leader and see their solar home solutions and services as catalysts for change in the Africa energy sector and beyond.”
