What is SolarNow?
SolarNow BV specializes in delivering robust solar energy solutions designed to combat high electricity costs, unreliable power supply, and the urgent need for sustainable energy, particularly in off-grid regions. The company's comprehensive services are tailored for 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 transitions to solar power. Their projects are capable of generating up to 1.2 MW of power, positioning them as a key player in the region's 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
Acumen
Acumen is a non-profit impact investor that uses a patient, flexible capital approach to support businesses serving low-income communities. They focus on sectors like agriculture, healthcare, and energy, aiming to drive social change and economic development.
Novastar Ventures
Novastar Ventures is an investment firm dedicated to fostering entrepreneurial growth in Africa. They partner with innovative companies that aim to transform markets and create positive social and environmental impact, often focusing on early-stage ventures.
Royal Dutch Shell
Royal Dutch Shell is a global energy company involved in the exploration, production, refining, and marketing of oil and gas, as well as the development of renewable energy sources. Their investment in SolarNow indicates a strategic interest in the distributed solar energy market.
What's next for SolarNow?
The recent major strategic investment signifies SolarNow's transition into a scaling phase, likely Series B or beyond, enabling the company to expand its operational capacity and market reach. This capital will be instrumental in furthering its impact across East Africa, potentially through enhanced product development, broader distribution networks, and strategic partnerships. SolarNow's continued focus on addressing critical energy needs in off-grid areas positions it for sustained growth and significant contribution to sustainable development goals.
See full SolarNow company page
