African pay-as-you-go energy provider company, Azuri Technologies, recently secured a $26 Million investment from the Japanese company, Marubeni. According to a press release, Azuri will leverage the fund to expand more into East and West Africa. Azuri Technologiesâ€™ old shareholders like IP Group Plc participated in the round, which is the company’s 5th fundraising round. The company raised the sum of $53.5 Million in total.
The company plans to explore new markets by rolling out its lighting, TV and other solar-enabled products. This will enable the company to drive energy inclusion in off-grid communities across Africa. Marubeni Corporation trusts that Azuriâ€™s business model will disrupt the African off-grid energy market.
Azuri Technologies was founded in 2012. The company solely deals on the provision of solar home systems to off-grid communities in Africa. They specialize in pay-as-you-go solar energy solutions, with operations in Nigeria, Kenya, Tanzania, Uganda and Zambia. They have sold over 150,000 systems in Africa since inception.
Azuriâ€™s CEO Simon Bransfield-Garth said they are delighted about Marubeni Corporation and existing shareholders investment. He said this new backing demonstrates the increasing reach of off-grid power.
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Source: Tech Gist Africa