The Telegraph: Cambridge solar pioneer Azuri Technologies raises $26m for African expansion

//The Telegraph: Cambridge solar pioneer Azuri Technologies raises $26m for African expansion

Cambridge solar power company Azuri Technologies has raised $26m (£20.5m) in a funding round to expand green energy technology across Africa.

Azuri, which has provided solar home systems to off-grid users in sub-Saharan Africa since 2012, has sold over 150,000 systems to people who have no access to electricity in the region.

The company already offers mobile technology to provide pay-as-you-go energy products in Nigeria, Kenya, Tanzania and Zambia, and plans to expand to East and West Africa with the investment.

Japanese industrial conglomerate Marubeni led the funding round alongside existing shareholders such as the IP Group.

The Fortune 500 company has become Azuri Technologies’ largest shareholder as part of the deal.

The Japanese giant has ramped up its investments in renewable energy companies in the US and Africa.

Earlier this year, Marubeni bought a minority stake in US AI-powered clean energy project GridMarket for an undisclosed amount, and last year bought a 21pc stake in Tanzanian power business WASSHA.

This latest deal marks a trend for big energy companies racing to invest in off-grid energy driven by digital technology, which is in high demand in Africa, and pressure from investors who want to divest from the fossil fuel industry.

In total, around 600 million homes in Africa still do not have access to reliable electricity.

Read the full article here.

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