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Energy company closes $50m Series D funding round

28th August 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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Next generation utility Bboxx has successfully closed a Series D funding round, valued at $50-million.

The financial milestone includes a substantial investment from Mitsubishi Corporation, which led the funding round.

The cash injection will enable Bboxx to continue with its international expansion. 

The investment follows a string of deals and strategic partnerships, including the $31-million investment Bboxx secured from Africa Infrastructure Investment Managers in January.

Bboxx has, to date, installed 200 000 solar home systems, which are remotely monitored through Bboxx Pulse. This digital platform harnesses Internet of Things technology and data to provide utilities at a large scale.

Bboxx has also replicated this model to provide clean cooking solutions using liquefied petroleum gas, with ambitions to deliver other utilities and products in new markets. 

Bboxx CEO and co-founder Mansoor Hamayun says the $50-million in funding is “further evidence” of Japanese interest in Africa and pay-as-you-go solar energy globally.

“We look forward to this next phase of growth that will help us to transform more lives, unlock potential and grow our already global footprint by opening up new markets and develop further our product range,” he comments. 

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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