What is SolarNow?
SolarNow BV specializes in delivering solar energy solutions designed to combat high electricity costs, unreliable power supply, and the growing demand for sustainable energy, particularly in off-grid regions. The company's comprehensive services cater to a diverse clientele, including businesses, institutions, healthcare facilities, educational establishments, agricultural operations, and residential customers. With a proven track record of over 12 years in East Africa, SolarNow has successfully powered over 50,000 customers, demonstrating its commitment to quality engineering and client-focused solutions. Their projects are capable of generating up to 1.2 MW of power, positioning them as a key player in the clean energy transition.
How much funding has SolarNow raised?
SolarNow has raised a total of $20.3M across 5 funding rounds:
Private Equity
$2.5M
Private Equity
$800K
Debt
$2M
Debt
$6M
Series B
$9M
Private Equity (2014): $2.5M with participation from Acumen and Novastar Ventures
Private Equity (2015): $800K led by SunFunder
Debt (2016): $2M supported by SunFunder
Debt (2017): $6M featuring responsAbility Social Investments, SunFunder, and Oikocredit
Series B (2017): $9M backed by Royal Dutch Shell and Novastar Ventures
Key Investors in SolarNow
Royal Dutch Shell
Royal Dutch Shell is a global energy and petrochemical company that invests in solutions to meet the world's growing energy demands in economically, environmentally, and socially responsible ways.
responsAbility Social Investments
responsAbility is a leading impact investment firm focused on creating a sustainable world through investments in emerging markets, specializing in Financial Inclusion, Climate Finance, and Sustainable Food.
Novastar Ventures
Novastar Ventures is an investment manager dedicated to driving entrepreneurial growth across Africa, partnering with initiatives that benefit both people and the planet, with a strong emphasis on sustainability and impact management.
What's next for SolarNow?
The recent major strategic investment signifies a pivotal moment for SolarNow, likely enabling the company to scale its operations, expand its market reach within East Africa, and further develop its technological capabilities. This backing from prominent investors suggests confidence in SolarNow's business model and its potential to address critical energy infrastructure gaps. Future endeavors may include enhancing project deployment efficiency, exploring new financing mechanisms for customers, and solidifying partnerships to drive broader adoption of solar energy. The company's focus on quality and client support is expected to remain central as it navigates this phase of accelerated growth.
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