MPower secures funding to scale its solar energy solutions for emerging countries

MPower built a B2B platform to provide small- and medium-scale solar energy solutions in emerging markets. Its decentralised, high-quality plug-and-play solar devices and energy-efficient household and income-generating appliances provide electricity to lower- and middle-income households, SMEs, and farmers in Africa. The company also offers a financing model to partners and their end-users and in-house software solutions to help distributors optimise their operations.

In addition to its presence in Zambia, Togo, Cameroon and Namibia, the company also started operations in Ghana end of last year, increasing its total headcount to 36 people. The expansion and soaring demand have resulted in the deployment of more than 30,000 units through more than 20 distribution partners. MPower has thus delivered electricity to more than 50,000 Africans living in hard-to-reach and peri-urban areas.

Ready to scale
Over 500 million people in Sub-Saharan Africa lack access to electricity, and millions are connected to unreliable grids. Although solar and storage technologies have become the preferred power source, several challenges inhibit growth in the market. This presents a huge market potential for MPower. The company has thus built its infrastructure to scale the business in further African countries.  

To finance the next growth phase and triple its impact in 2023, the company has secured equity around 1.5  million Euros received from new and existing investors as part of its pre-series A round. In addition, it has launched a crowd equity campaign on one of Europe’s largest platforms, Seedrs, to top its EUR 1M target. Since the campaign launch last week, MPower has received a total of more than €682,000 from 344 investors.

(RAN)