Solar start-up raises $2.5m for Africa expansion
Pawame, a UAE-based off-grid solar start-up, has announced that it has secured $1.7 million in grant commitments, plus $750,000 in equity, including $250,000 from Launch Africa. The company has also announced that it is now launching its $5 million series A funding round to further boost its growth and expansion into Africa.
Pawame offers a portfolio of solar home systems in remote areas of Kenya on a micro-financed basis, using mobile money repayment, making it affordable for everyone to access safe, clean and reliable energy. The business model also uses energy as a bridge to help families build a credit history and then gain access to other products through Pawame.
Alexandre Allegue, chairman and co-founder of Pawame commented, “I am extremely proud of this announcement, as despite facing challenges during the pandemic, Pawame delivered exceptional results in 2020, including achieving bottom-line profitability and positive cashflow for the first time. We accomplished this thanks to our unique and sustainable value proposition, alongside a cost-effective execution and an exceptional team.”
With a team of 80 employees and over 200 contract agents and technicians, Pawame plans to electrify over one million people in sub-Saharan Africa that do not have access to grid power by 2025. The start-up is also planning to extend its product range to other life enhancing products, including income generating appliances such as water tanks, solar water pumps and solar refrigerators.
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