ImpactAlpha, July 13 – Oolu launched in 2015 with a mission of serving 150 million West Africans without reliable access to electricity.
The Senegalese company makes home solar systems that customers pay for on a subscription basis via mobile money. It has been incubated by Y Combinator and serves 34,000 households in Senegal, Mali and Burkina Faso.
- New investors… Last year, Oolu raised a $3.2 million Series A round from Persistent Energy Capital and Y Combinator. GAIA Impact Fund, a French renewable energy-focused impact fund based, has joined Oolu’s backers as the first investor in its Series B round. GAIA invested an undisclosed sum.
- Solar suppliers in West Africa… Africa GreenTec recently raised capital to install a community solar system in Niger; PEG Africa secured new funding last year to expand its home solar-reach in Ghana and the Ivory Coast; and BBOXX has joined forces with the government of Togo to expand off-grid solar as part of a national electrification plan.