CrossBoundary Energy secures US$40M in equity from Norfund and Norwegian pension fund, KLP, to expand C&I portfolio across Africa Read more
17 Jul , 2020
ARCH Emerging Markets Partners’ Africa Renewable Power Fund (ARPF) has invested $3m in Sun Exhange, a technology and solar finance innovator across Africa, marking the close of its $4m Series-A funding round.
William Barry, Managing Director of ARCH, said: “Sun Exchange is positioned to emerge as an enabling force in the imminent global energy and economic transformation, with a first-of-a-kind platform that harnesses the power of a united global community to unlock the potential of distributed solar power in emerging markets. We are thrilled to partner with Sun Exchange on this journey to expand the success the company has already seen in South Africa throughout ARPF’s target markets in sub-Saharan Africa.”
The close of this funding round and the investment from ARCH will unlock the next phase of growth for Sun Exchange, enabling to expand its work solar powering schools, clinics, farms, cell towers, water plants, businesses and other organisations across Sub-Saharan Africa.
As a result, the Sun Exchange members will be provided with opportunities to further diversity their solar cell portfolios across regions and industries.
Additionally, Sun Exchange marketing activities will be bolstered to substantially grow its membership base, and make significant software enhancements to extend the capabilities and features of its online platform.
Abe Cambridge, CEO & Founder of Sun Exchange, said: “There has never been a more critical time to accelerate the Sun Exchange mission of connecting the entire world to the sun, as socio-economic and energy systems across the world are on the brink of being reset and redefined.”
Last year, Sun Exchange more than doubled the size of its community, now standing at more than 17,000 members from 162 countries.
Additionally, its project portfolio nearly tripled in size, and the company is now now facilitating solar power for 31 schools, businesses and organisations across South Africa. We look forward to building on our success and reputation as a leading technology and solar finance innovator across Africa.
Adam Draper, Co-Founder and Managing Director, Boost VC, an early Sun Exchange investor, added: “Amidst the unprecedented health and financial hardships currently impacting the entire world, we've seen an undeniable slowdown in VC deals. This successful raise speaks volumes of the ingenuity and resilience of the Sun Exchange business model."Visit the original post
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