Kenyan and Canadian-based cleantech startup Solar Panda has raised $8 million in a Series A funding round led by Oikocredit and the EU-funded Electrification Financing Initiative
Through its own network of 37 storefronts and 1000 sales agents across Kenya, Solar Panda, a 2017 startup, provides Solar Home Systems, which include lighting, mobile charging, radios, and televisions.
Systems are sponsored for customers to make them inexpensive and to improve different facets of their lives, such as lowering the need for risky kerosene lanterns, saving families’ money, fostering education, and allowing higher productivity.
Since its establishment, Solar Panda has concentrated on two goals: creating a significant social effect and developing a successful, long-lasting business. One of the first businesses in this field to achieve profitability was Solar Panda.
Since its founding, the firm has gained a lot of traction. Solar Panda, which is already in more than 200,000 houses, aspires to provide over 1 million Kenyans with clean, inexpensive electricity.
With this funding, the startup will be able to offer more products, reach more people in Kenya, and establish the framework for future expansion into Sub-Saharan Africa and Kenya.
The firm is thrilled to collaborate with top international impact investors Oikocredit and Electrifi, according to Andy Keith, founder, and CEO of Solar Panda.
He also expressed gratitude that this funding will enable Solar Panda to advance its goal of enhancing lives. Further expressing his happiness, he added, “I’m really pleased with the progress and achievements the team has been able to achieve over the past four years, and I feel like we’re only getting started because there are approximately 1 billion people in the globe without access to energy.”
The business will take the strength from its Series A round to begin work on its Series B financing, which will be focused on worldwide expansion, the CEO added, noting evidence of pandemic recovery and a return to profitability.
With ElectriFI and Oikocredit on board, Solar Panda is happy to have them and looks forward to working with them to advance the company.
Innovation and environmental regulation are two essential tools we can use to fight climate change. The market is pushed by innovation to become less reliant on oil and more environmentally friendly.
Contrarily, regulations compel businesses to make financial investments and further cut their carbon emissions.
New business models, such as pay-as-you-go platforms for people or companies using sustainable energy like solar, have evolved as a result of the technology now becoming commercially viable.
In an effort to integrate clean technologies into current systems, the majority of investment so far has gone to businesses with traditional business structures but the story is changing.
Over a long period of time, disruptive market pressures have allowed clean technology to displace fossil fuels, and people are beginning to consider adopting solar power in place of fossil fuel generators.
This is an effective method of fighting climate change and generating jobs. In addition, Solar Panda will use this money to persuade the vast majority of people to switch from fossil fuels to solar, aiding in the fight against climate change.
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