Solarise gets $8.9m funding from Mergence for renewable energy push
TLDR
- Solarise Africa secures $8.9 million investment from Mergence Investment Managers for expanding renewable energy solutions in key African regions.
- Funding to drive deployment of commercial and industrial-scale solar energy systems, focusing on reducing energy costs and promoting sustainability.
- Capital aimed at financing installation and expansion of solar solutions for businesses across Africa, emphasizing lower carbon footprints and sustainable practices.
Solarise Africa, an energy-as-a-service provider catering to businesses across Africa, has secured an $8.9 million investment from Mergence Investment Managers.
This funding will be pivotal in expanding the deployment of commercial and industrial-scale (C&I) renewable energy solutions across Africa's most industrial regions.
The capital will primarily be used to finance the installation and expansion of solar energy systems for commercial and industrial clients, aiming to reduce energy costs, lower carbon footprints, and promote sustainable practices.
Key Takeaways
This funding comes at a crucial time for both the company and South Africa's energy sector. The country is currently grappling with severe energy challenges, including high costs, grid instability, and a worsening power crisis that has led to the implementation of daily electricity rationing to prevent a nationwide grid collapse. Eskom, the state-owned power generator, has reported power deficits exceeding 6,000 megawatts, highlighting the critical need for innovative solutions. This situation is reflective of the broader challenges faced by many African nations, driving the demand for clean tech startups to provide sustainable energy management solutions across the continent.
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