Crowdfunding Initiative to Kick Start Off Grid Solar

Crowdfunding Initiative to Kick Start Off Grid Solar

Through the world’s largest crowdsourcing platform, TRINE, one of our members at Nairobi Garage, and BBOX have managed to collect 1 million Euros in less than a month to be used in off grid solar energy.

TRINE is a platform that deals in sustainable investments to accelerate energy access and BBOX is a next generation utility deploying off grid solar systems in the developing world. The two launched the first of their six crowdfunding rounds on February 10th and the 1 million Euros was collected on March 9th. This is pretty impressive considering it is the fastest fundraising exercise in debt finance.

Crowd investors can invest on TRINEs platform with as little as 25 Euros in a bid to bring clean energy where it is needed. As of now, 1500 investors from Europe have contributed to this initiative and the number is set to grow as new fundraising activity begins in the coming months.

TRINE CEO, Sam Manaberi says the platform has tripled its funding capacity to 300% in a month which is a great opportunity for products by TRINE to be used in problem solving.

Access to finance is a key factor in off grid solar energy and though the partnership between TRINE and BBOX will help in accessing unlocked finances from private individuals. Companies dealing in solar such as BBOX, will get the needed access to capital so as to continue providing clean energy to people residing in the rural areas.

Mansoor Hamayun, CEO of BBOX, says that the quick rate at which funds are raised for such initiatives shows how fast people want to get rid of energy poverty. He added that,

“There are over 1 billion people without access to reliable electricity; it is a truly global challenge.”

The smart solar provided by BBOX provides reliable energy access which in turn makes a huge impact to the economic development in the world’s poorest communities.

A total of 10,000 households will now benefit from the 1 million Euros that has been raised. This money will be used as a way to deliver the on grind experience. This can also be looked as a step that could lead to the end of energy poverty in the near future.

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