West African solar distributor Oolu, has raised an $8.5 million funding in a Series B investment round championed by independent renewable energy developer RP Global.
Other investors included Persistent Energy Capital, Shell-seeded impact investor All On, Gaia Impact Fund, and DPI Energy Ventures.
Oolu is driven by the mission to provide affordable energy supply for the rural dwellers across the African ecosystem.
Since the solar distribution center was founded in 2015, it has sold out over 60,000 solar home systems to customers around the region.
Aside from the large network Oolu is known for, it has continued to contribute to job creation as it currently has over 250 full-time employees with 50% female on its payroll.
It is believed that this investment will enable the startup to meet more customer needs now and in the future as it realizes its aim of expanding business frontiers across Africa.
CEO and co-founder of Oolu, Dan Rosa said:
“The strength of our business and industry during a challenging global pandemic has demonstrated the value that customers see in our products and service. RP Global’s financial expertise and experience in managing renewable energy businesses will enable us to accelerate our growth.
All On’s unparalleled knowledge of the renewable energy sector in Nigeria will help us to further adapt our business to meet customers’ needs. In addition, we are excited to continue our successful collaboration with current investors especially Persistent.”
Director of RP Global Africa, Leo Schiefermueller in his reaction said:
“We are looking forward to working with the most promising solar home systems provider in West Africa. Being in partnership with such an efficient structure and excellent management makes us optimistic that this will be our greatest venture in Africa to date.
The fantastic team at Oolu is poised to lead the company towards a whole new level of success and growth in all areas of one of Africa’s most important challenges – ‘access to energy’.”
All On Investment Manager, Afolabi Akinrogunde added: “Oolu Solar’s operational expertise, geographical spread in West Africa, flexibility and efficiency has earned the company a leadership position in solar home systems distribution.
Their success across the region and Nigeria gives All On the confidence that this investment will further enhance our commitment to enabling the deployment of accessible off-grid power solutions in the Niger Delta and Nigeria as a whole.”
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates.