Wednesday 28 August 2019 2:00 am

Mitsubishi leads $50m funding round for London solar startup

A clean energy startup based in Chiswick has closed a $50m (£40.7m) series D funding round, led by Japanese car giant Mitsubishi.

Bboxx, which provides pay-as-you-go solar energy using in-home solar systems paid for via mobile top-ups, will use the funding to power up its international expansion efforts.

Other investors included the European funds Bamboo Capital Partners and Doen Participaties, Montreal-based MacKinnon Bennett and the sustainable energy arm of French utilities firm Engie.

Bboxx targets homes and businesses in developing countries, where communities often need off-grid energy and mobile money is a widely adopted form of payment.

Today’s round follows a $31m investment by Africa Infrastructure Investment Managers in January. Last year, EDF took a 50 per cent stake in Bboxx’s Togo unit.

“Our Series D round is made up of investors spanning three continents and is a testament to how the global community is embracing sustainability,” said chief executive and co-founder Mansoor Hamayun.

“The funding is further evidence of Japanese interest in Africa and in PAYG solar energy globally. Mitsubishi Corporation’s extensive reach, sector specific and technological expertise will help us to reach more people without reliable access to modern utilities and services at even greater scale.”

Bboxx currently operates in 12 countries in Africa and Asia.

Main image credit: Bboxx