ZOLA Electric raises $90m from TotalEnergies Ventures, DBL, Helios, others
ZOLA Electric, a renewable energy technology company solving energy access and energy equality in emerging markets, announced the successful completion of a $90 million capital raise, comprised of $45 million of equity and $45 million of debt.
The equity element was led by several prominent investors including TotalEnergies Ventures, DBL Partners, Helios Investment Partners and Vulcan Capital.
The debt is being provided by some of the leading energy access lenders, including Dutch development bank FMO and Sunfunder, a solar finance company providing debt capital to solar enterprises in emerging markets.
Proceeds will be used to develop next generation hardware and software technology, focused on bringing reliable, affordable and clean energy to Africa, Asia and Latin America.
ZOLA’s technology is bringing distributed, clean, digital energy solutions to those who lack reliable and affordable energy. ZOLA’s intelligent batteries are installed in homes and businesses, and are integrated into any energy source (grid, solar, battery, etc.) to power any load. These solutions are managed by Vision, it’s SAAS software system, providing customers with data, analytics and control of their systems.
Today, ZOLA delivers energy to approximately 1.5 million users, across over 10 countries, predominantly in Africa but recently expanded to Asia and South America.
Bill Lenihan, chief executive officer of ZOLA Electric said, “We are beyond grateful and proud to close this $90 million funding round. Businesses are judged by the company they keep, and we are thrilled to have the backing of these leading energy operators and investors. The world needs energy access, energy equality, and it needs to be done in a way that protects our environment while supporting economic development. Digital renewable energy can help us accomplish these weighty objectives, and as a leading energy access technology company, this is what we intend to achieve.”
Edouard Bulteau, principal at TotalEnergies Ventures commented, “Energy is reinventing itself, and we need to find a path to a low-carbon future while meeting the energy needs of the society. Developing renewable energy solutions dedicated to emerging markets is key to reach this goal and represents a huge investment opportunity. This is why TotalEnergies Ventures is delighted to support ZOLA, a leading company in this area, in their latest fundraise.”
Nancy Pfund, founder and managing partner at DBL Partners said, “DBL’s mission has always been to drive top tier venture capital returns and positive social and environmental change. ZOLA embodies our mission in every way, and we are excited to see the company build the same success in clean energy in Africa and other emerging markets that we have had with clean energy investments in the United States. DBL firmly believes that access to clean, affordable, and reliable energy is a global movement, and the time is now.”
Are you seeking private equity or venture capital investment to grow your company? Africa Private Equity News now offers you the opportunity to connect with investors backing African businesses. Contact us at editor@africaprivateequitynews.com for our rate card and more information.