MPower Ventures AG has obtained €1.1 million for expansion in Africa, focusing on Togo. The investment, from CEI Africa, will enhance operations, improve product accessibility, and expand the distribution network. MPower has sold over 50,000 solar units and aims to solidify its presence in the growing Togo solar market.
MPower Ventures AG, a Swiss solar energy company with operations in several African nations including Togo, has successfully secured €1.1 million from the Foundation for Clean Energy and Energy Inclusion in Africa (CEI Africa). This funding, which consists of both equity and subordinated loans, is intended to enhance MPower’s expansion initiatives throughout the African continent.
The investment will be instrumental in bolstering MPower’s operations in Togo, where the company already markets a variety of solar products such as electric pumps, panels, security floodlights, and energy storage systems. The funds will enable MPower to strengthen its distribution network and expand financing options to facilitate greater access to solar energy for households and small enterprises.
In addition to Togo, MPower operates in seven other African countries, having sold over 50,000 units of solar equipment to date. The funding was acquired through collaboration with crowdfunding platforms Klimja and Republic. MPower’s co-founder and CEO, Manuel Seiffe, highlighted the significance of solar energy in economic development in sub-Saharan Africa by stating that it is a potent lever when combined with appropriate financing solutions.
The solar energy sector in Togo is witnessing rapid growth, with other companies such as Kya Energy Group, SOLEVA, BBOXX-EDF, and CREFER offering diverse solar solutions. With this recent funding, MPower aims to further establish its market presence amidst fierce competition.
In summary, MPower Ventures AG has secured €1.1 million to enhance its solar energy operations in Togo and across Africa. This funding will support the company in expanding its distribution network and providing financing options, thereby promoting solar energy accessibility for households and small businesses. The growth of the solar sector in Togo presents opportunities for MPower to strengthen its position in a competitive market.
Original Source: www.togofirst.com
