Pioneering manufacturer and provider of solar power products d.light has raised USD 18 Mn in funding from a consortium of lenders who focus on renewable energy, including two funds managed by responsAbility, SunFunder, DWM, and SIMA.
According to the company, the funds will be used to grow the company’s operations across Africa.
The USD 18 Mn capital injection will enable the startup to expand its product line, enter new markets, and reach more customers. All of these developments will drive d.light’s mission of making clean energy products universally available and affordable.
The company has operations in Kenya, Nigeria, and Uganda with presence in the United States, China, and India.
D.light, founded by Ned Tozyn and Goldman, has already delivered solar power to almost 100 million people initially lacking access to reliable grid electricity. Since its 2017 inception, the company has been doing this using pay-as-you-go financing solutions and generating 171 GWh of renewable energy in the process.
In December 2018, the d.light raised USD 41 Mn in a round led by Inspired Evolution, so the new reception comes about six months after its last. This brings the company’s total funding reception to no less than USD 118 Mn
On the sidelines of the investment, d.light CEO and co-founder Ned Tozyn said that the funding underpins the catalytic role of the company in making clean and reliable solar energy solutions available on a PAYG business model which “enables off-grid customers to pay for solar lighting products in affordable installments using various mobile payment options.”
Adding, he said:” Significant amounts of capital are required to enable us to continue providing these financing plans for our customers as we grow. We are thankful for the continued support of our funding partners to enable us to create a brighter future for the families we serve”.
Commenting in the interest of responsAbility Investments, Principal – Direct Investments Energy Debt, Antonia Scheali, explained that financing d.light’s innovative solar business in Africa allows funds to ensure people gain access to energy in a way that safeguards climate. As an existing lender, responsAblity is excited to be part of d.light’s further expansion.”
Avi Jacobson, Senior Investment Officer at SunFunder, added, “SunFunder is proud to deepen its long-term relationship with d.light. It is inspiring to work with an industry leader that positively impacts so many lives globally.”
d.light’s Chief Financial Officer Adrian Bock noted, “We are both proud and humbled by the continued support of the investors. We have been able to attract over $50M of debt funding in the recent past, excluding this latest tranche, on the back of our continued focus on financial discipline and operational excellence to ensure consistent profitability while accelerating our overriding mission of providing clean, accessible energy for all.
“We continuously test ourselves and look to improve the way we do business for the benefit of our stakeholders and also look forward to working with our investors in this regard,” he added.