- Affordable clean energy startup Bboxx has announced that it has secured a $5.5M loan from AfricaGoGreen Fund (AGG) to rollout its renewable energy and clean cooking systems across Africa
- Bboxx manufactures, distributes and finances off-grid solar solutions, and has also started developing low-emission LNG cooking systems, with plans to expand into new markets across the continent
- AGG’s current supporters and investors include the German Federal Ministry for Economic Cooperation and Development, KfW, Lion’s Head Global Partners (LHGP) and the impact finance specialist innpact
Bboxx, a green and affordable energy startup, has announced that it has secured a $5.5 million loan from AfricaGoGreen Fund (AGG) to expand its delivery of off-grid renewable energy and clean cooking systems across Africa. Bboxx manufactures, distributes and finances solar solutions and is now breaking into a new verticle, LNG low-emission cooking systems. It currently operates in the DRC, Rwanda, Togo, Kenya, Nigeria and Burkina Faso, selling green power through credit plans that are accessible to low-income households.
AfricaGoGreen Fund (AGG) is administered on behalf of the German government to promote private investments that mitigate or reduce emissions. AGG was launched with €32 million and a Technical Assistance Facility of €3 million. It funds are planned to grow to €150 million, investing with a particular focus on countries in West Africa. AGG’s current supporters and investors include Germany's Federal Ministry for Economic Cooperation and Development, KfW, Lion’s Head Global Partners (LHGP) and the impact finance specialist innpact.
Bboxx aims to become a next generation utility provider and industry leader across the markets it operates, pioneering Pay-As-You Go (PAYG) solar home systems and more recently LPG clean cooking stoves, as affordable clean energy. The AGG loan to Bboxx plans to prevent an estimated 760,000 tonnes of CO2 emissions – the equivalent of 150,000 passenger cars being driven regularly for a year, according to the company.
Bboxx says its innovative products are accessible to low-income households and sold on credit plans that are priced to fit. Having established itself as a leading off-grid energy provider in Africa, the company identified LPG stoves as the next stage of its mission to expand access to clean, affordable energy that is transformative for customers lives as well as the planet.
Mansoor Hamayun, CEO and Co-Founder of Bboxx:
“[I]t is now more vital than ever that the provision of clean energy for all is accelerated, in line with the UN’s SDG7 – clean energy for all. This is especially true for areas where a significant proportion of the population is living without access to electricity or clean cooking facilities.”
Clemens Calice, Portfolio Manager for Africa Go Green Fund:
“We are tremendously pleased to be able to support Bboxx’s ambitions to tackle the environmental and health issues arising from using firewood and charcoal for cooking.”
FYI/UN Sustainable Development Goals #7 Ensure access to affordable, reliable, sustainable and modern energy for all.