Solar Company MyJouleBox Completes USD 3.54 Mn Series A Round

MyJouleBox, a solar distributor and operator, has raised EUR 3 million (USD 3.54 Mn) in a Series A round to strengthen its position as one of the leading energy specialists in Benin and expand into Burkina Faso, Senegal, and Togo. EDFI ElectriFI invested a total of EUR1.5 million (USD 2 Mn ) split (under the Benin Country Window funded by the European Union) for EUR 500,000 (USD 600 K) into equity alongside Gaia Impact Fund and for EUR1 million (USD 1.4 Mn) into convertible notes together with Triodos Investment Management.

Operating under the trade brand ARESS, the company has developed a competitive one-stop-shop approach to service complementary segments of clients (retail, SMEs, communities) in their decentralized, renewable energy needs. With this funding, the company aims to reach some 55 000 new beneficiaries to save more than 40 000 tons of CO2 eq/year.