Milestone marks next step in the company’s growth strategy
7 March 2017, Cambridge, U.K. – Azuri Technologies Ltd, a leading commercial off-grid solar company, has reached the milestone of 100,000 sales of its PayGo solar home systems in sub Saharan Africa. Since first entering the market in 2011, Azuri has provided access to affordable, clean energy for off-grid communities across 12 countries.
It comes shortly after the company announced a $5 million debt facility provided by Standard Chartered Bank in February 2017 and the completion of an $11 million equity funding round in December 2016, to support Azuri’s sustainable economic growth across Africa. The finance will underpin the company’s ambitious growth in existing markets and accelerate growth in new markets, such as the program announced in January 2017 to provide power to 20,000 households in Nigeria.
Azuri is at the forefront of new technology innovation providing a reliable service alternative to the grid for off-grid customers, delivering lighting, phone charging, radio and TV access in affordable packages paid for through mobile money. The Azuri PayGo solar product range includes the first complete PayGo satellite TV package targeting households without electricity, launched in Kenya in December 2016 and solar lighting systems that incorporate the company’s award-winning HomeSmart technology which ensures households have light all night, even following cloudy weather.
Simon Bransfield-Garth, Chief Executive of Azuri said: “The milestone of 100,000 systems sold marks the next phase of Azuri’s journey. Coupled with the recently completed funding announcements, we look forward to continuing to grow our presence and serve the millions of customers that still lack access to modern electrical services”
Jamie Vollbracht, Director, Cleantech at IP Group, a founder investor and major shareholder in Azuri, said: “These milestones reinforce the great strides Azuri is making in providing PayGo solar solutions for this rapidly growing market. We expect that Azuri’s innovative approach and world-class team mean that many more significant milestones are to come as Azuri further expands, improving the lives of hundreds of thousands of people across Africa.”