Solarworx to receive a seven-digit sum funding by Canadian Solar, EIT InnoEnergy and DEG
Post date: 17/03/2021 - 09:05
Canadian Solar Inc. and German off-grid company Solarworx entered into a strategic partnership. Canadian Solar will invest as the lead investor in the company as part of the start-up’s series A investment round. Co-investors are EIT InnoEnergy, and German development finance institution DEG. DEG will use funds from the develoPPP.de program of the German Federal Ministry for Economic Cooperation and Development (BMZ). The seven-digit funding will help Solarworx to expand its product portfolio and sales activities in its overall push to electrify some of the 1.2 billion people that are still living without a stable grid connection.
Solarworx offers a modular off-grid solar solution called Solego to harness and distribute energy from solar panels. The modular systems with 80 Wh or 160 Wh battery capacity can be stacked on top of each other and provide power to households, small businesses and entire communities. The systems also offer voice support in local languages such as English, French, Swahili, Wolof and Fula, and are compatible with all major pay-as-you-go platforms.
According to the company, significant upside potential lies in its upcoming smart DC grid solution called MESH that allows users of Solego and other 12 V solar battery systems to easily share PV powered electricity between 2 to 100 households and small and medium enterprises (SME). MESH will be deployed in the field at a pre-commercial stage by the second quarter of 2021.
Solarworx’s existing key markets are Cameroon, Zambia and Nigeria, with South Africa as its base for selling to the sub-Saharan region. The company was founded in 2017 with the aim to develop and mass manufacture a set of new generation modular, solar powered off-grid products. The founder team is comprised of individuals with substantial expertise in the sub-Saharan off-grid markets, having lived in African countries for years and having experienced first-hand the challenges that come with »last mile distribution« in rural areas.
EIT InnoEnergy has invested more than €600 million since 2010 and is supported by the European Institute of Innovation and Technology (EIT). EIT InnoEnergy supports and invests in innovation at every stage of development. DEG (Deutsche Investitions- und Entwicklungsgesellschaft) is a German Development Finance Institution and a subsidiary of state-owned KfW Group. With a portfolio of around €9 billion in approximately 80 countries DEG is one of the world’s largest private-sector development financiers. Canadian Solar was founded in 2001 in Canada and is one of the world’s largest manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development.