Off-grid solar startup Pawame, recently raised USD 543 K in debt financing through crowdfunding. Sweden based Trine, which is a solar crowdfunding entity drove the round. The solar energy startup intends to utilize the funding for accelerating their expansion by financing equipment and inventory. The young startup had raised seed investment USD 2 Mn in March from Gulf investors. With this funding round they have reached a total of USD 2.5 Mn.
Founded in 2016, the startup’s mission is to electrify 150 million households in Sub-Saharan Africa, which constitutes about 70% of the population. The company claims to have already reached 4000 homes by the end of last year and have touched, so far 20,000 lives. Pawame is headquartered in UAE, but Kenya remains their focus market. The company feels that the entire Sub-Saharan market can benefit from their product.
The startup sells solar home systems which work on a pay-as-you-go model. They also finance their ‘Smart Solar Kits’ and accessory devices such as lights, radio, and TV and spread the cost to the consumer through an affordable monthly subscription plan, paid via existing mobile money platforms.
The company wants to create some noticeable impact by increasing the access to clean and affordable energy, creating employment for the local community and promoting financial inclusion through the use of mobile money.
Trine creates a platform for investors to contribute to the project of their choice by allowing investment in clean energy sources for emerging market. They tie up with solar energy companies which manage the generation and distribution of the clean energy at the ground level. On successful completion of the campaigns, the investors are given back their investments with returns.
Feature Image Courtesy: Pawame