Battery rental company raises funding from Norfund
MOPO has secured a £5 million investment from Norfund.
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MOPO, a UK technology company focused on sustainable energy access, has secured a £5 million investment from Norfund, the Norwegian development finance institution. The commitment is a further international endorsement of MOPO’s solar-powered battery rental model, which has already attracted backing from Octopus Energy and British International Investment.
MOPO runs a pay-per-use battery rental system that provides households and businesses with clean, reliable power through solar charging hubs operated by local agents. With operations in Nigeria, the Democratic Republic of Congo, Sierra Leone, Liberia, Chad and Uganda, the company has completed more than 28 million rentals and continues to expand. Its two main products are the MOPO50, for lighting, phone charging and small appliances, and the MOPOMax, for higher-load devices, generators, small businesses and e-mobility, designed to replace costly and polluting fossil fuels
Chris Longbottom, CEO of MOPO, commented: “We’re delighted to welcome Norfund as the latest major investor to join the MOPO journey. This is a strong signal that our model, combining impact, innovation, and commercial return, is working. With Octopus and BII already behind us, Norfund’s support reinforces the belief that MOPO is a standout solution to the clean energy challenge. Demand is growing fast across sub-Saharan Africa, and this investment will help us scale even faster to meet it.”
“We are excited to share that Norfund has invested £5 million in MOPO. MOPO has demonstrated innovation in its offerings, providing climate-friendly solutions improving energy access in underserved areas in particularly challenging markets. Norfund is delighted to back MOPO's ongoing expansion and its efforts to bring access to sustainable energy to those who need it most,” said Pål Helgesen, investment director at Norfund.
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