Canadian cleantech company Solar Panda secures $8M Series A funding
Funding will be used to further Solar Panda’s goal of bringing energy access and services to millions of people living without electricity
TORONTO, ONTARIO, CANADA, July 6, 2022 /EINPresswire.com/ — Solar Panda Corporation, a Canadian company that designs, manufactures and sells pay-as-you-go solar home systems (PAYGo) in Kenya, has raised $8 million in Series A funding, jointly led by impact investors Oikocredit and the Initiative Funding for Electrification Funded by the EU (EDFI ElectriFI).
Solar Panda, one of the fastest growing companies in the industry, recently announced that it has reached the milestone of providing electricity to 1 million Kenyans. The company will use this investment to grow its product offerings, expand its presence in Kenya and set the stage for future expansion in sub-Saharan Africa.
Solar Panda sells solar home systems that include lamps, mobile charging, radios and televisions through its own network of 37 stores and 1,000 sales agents across Kenya. The systems are funded for customers to be affordable and have the ability to improve many facets of the customer’s life, such as eliminating the need for harmful kerosene lanterns, saving families money, supporting education and enable greater productivity. Since its inception, Solar Panda has focused on achieving the dual goals of having a significant social impact and building a profitable and sustainable business. Solar Panda was one of the first companies in this sector to achieve profitability.
“We are delighted to partner with leading global impact investors Oikocredit and Electrifi and grateful that this funding helps us accelerate our mission to improve lives,” said Andy Keith, Founder and CEO of Solar Panda. “I am very proud of the growth and success our team has been able to achieve over the past 4 years and with nearly a billion people around the world without access to electricity, we believe we are only doing Seeing signs of pandemic recovery and a return to profitability, we will use the strength of our Series A raise to begin work on our Series B round, which will be focused on international expansion. ElectriFI and Oikocredit join the team and we look forward to working with them to take Solar Panda to the next level. Please contact [email protected] for more information.
Alexander Remy, Equity Officer at Oikocredit, said: “In a short time, Solar Panda has demonstrated its ability to design and sell quality solar home systems needed by many homes across Kenya. We are pleased with the strong local talent they have brought together and are confident they can continue to deliver positive results. As an equity investor in a partner like Solar Panda, we will collaborate and continue to lead our efforts to make clean energy accessible and improve the quality of life for thousands more households in the communities we serve.
Lionel Dieu, ElectriFI Senior Investment Officer at EDFI Management Company, said: “We are extremely pleased to become a shareholder of Solar Panda. The company has shown impressive growth over the past few years and demonstrated strong resilience in the face of COVID. Through this co-investment with Oikocredit, we aim to support the company in its next stage of development and realize its full potential.
About the Solar Panda
Solar Panda, headquartered in Canada and Nairobi, is giving every home access to solar power – to light up their homes, improve their health, charge their mobile phones and open a window to the world. through radio and television. Launched in 2017, Solar Panda has grown rapidly thanks to its high quality products, affordable prices, excellent customer service and direct sales strategy. Solar Panda was ranked the 3rd fastest growing company in Canada in 2021 by Report on Business Magazine, a publication of Canada’s leading newspaper, The Globe and Mail. Now in over 200,000 homes, Solar Panda (www.solarpanda.com) brings clean and affordable electricity to more than one million Kenyans.
About ElectriFI and EDFI
The Electrification Finance Initiative (ElectriFI) is an impact investment facility supporting access to reliable, affordable and sustainable electricity and energy services in challenging markets, primarily in sub-Saharan Africa. It receives funding from the European Union, USAID’s Power Africa program, the Swedish government and the Italian government. EDFI Management Company, based in Brussels, manages ElectriFI among other development finance initiatives. For more information: www.electrifi.eu.
Social impact investor and global cooperative Oikocredit has 45 years of experience in financing organizations active in financial inclusion, agriculture and renewable energy. Oikocredit’s loans, equity investments and capacity building aim to enable low-income people in Africa, Asia and Latin America to sustainably improve their standard of living. Oikocredit finances more than 500 partners, with total development finance capital outstanding of €1,015.2 million (as of March 31, 2022).