MPower Ventures AG has secured €1.1 million from CEI Africa to expand its solar energy operations in Africa, focusing on strengthening its presence in Togo. The funding will enhance its distribution network and financing options for solar solutions. CEO Manuel Seiffe emphasized the significant role of solar energy in economic development for sub-Saharan Africa, amidst a rapidly growing solar market in Togo.
MPower Ventures AG, a Swiss solar energy firm, has acquired €1.1 million in funding from CEI Africa, a foundation dedicated to clean energy and energy inclusion in Africa. This investment, which consists of both equity and subordinated loans, is intended to facilitate MPower’s expansion efforts across the African continent, particularly in Togo, where the company has an established presence.
The company aims to utilize these funds to enhance its operations in Togo, where it already offers a range of solar products, including electric pumps, solar panels, security floodlights, and energy storage systems. With this financial support, MPower plans to broaden its distribution network and introduce more financing options to ensure access to solar energy for households and small enterprises in the region.
MPower operates in seven different African nations and has successfully sold over 50,000 units of solar equipment to date. The successful acquisition of funding was made possible through partnerships with crowdfunding platforms Klimja and Republic. Manuel Seiffe, the co-founder and CEO of MPower, highlighted the significant role of solar energy for economic growth in sub-Saharan Africa, stating, “Solar energy, coupled with appropriate financing solutions, is one of the most effective levers for stimulating economic development in sub-Saharan Africa.”
In Togo, the solar energy market is experiencing rapid growth, with notable competitors such as Kya Energy Group, SOLEVA, BBOXX-EDF, and CREFER also providing various solar solutions. MPower’s recent funding will aid the company in solidifying its position within this dynamic and competitive sector.
MPower Ventures AG has successfully secured €1.1 million in funding, which will support the expansion of its solar energy operations across Africa, particularly in Togo. The investment will help the company enhance its distribution network and financing options for solar products, addressing increasing demand in the growing solar energy sector. With its track record of sales and collaboration with crowdfunding platforms, MPower is well-positioned for future growth in a competitive market.
Original Source: www.togofirst.com
