MPower Ventures AG has secured €1.1 million in funding from CEI Africa to expand operations in Togo and across Africa. The funds will support the distribution of solar products, enhance financing options, and reinforce MPower’s market position. CEO Manuel Seiffe highlighted the economic potential of solar energy in sub-Saharan Africa.
MPower Ventures AG, a Swiss solar energy firm, has successfully secured €1.1 million in funding from the Foundation for Clean Energy and Energy Inclusion in Africa (CEI Africa). This financial backing, through a mix of equity and subordinated loans, is intended to facilitate the company’s expansion within Africa, particularly in Togo, where it operates.
The secured funds will enhance MPower’s operations in Togo, enabling the company to offer an array of solar products, including electric pumps, panels, energy storage systems, and security floodlights. The intention is to expand both its distribution network and financing options to enhance accessibility to solar energy for households and small enterprises.
Operating across seven African nations, MPower has already sold over 50,000 solar equipment units. The funding was acquired with the help of crowdfunding platforms Klimja and Republic. Manuel Seiffe, the co-founder and CEO of MPower, noted the potential of solar energy to drive economic growth, stating that “Solar energy, coupled with appropriate financing solutions, is one of the most effective levers for stimulating economic development in sub-Saharan Africa.”
The solar energy market in Togo is witnessing significant growth, with other companies such as Kya Energy Group, SOLEVA, BBOXX-EDF, and CREFER also contributing various solar solutions. This financial infusion positions MPower to strengthen its presence within this evolving and competitive sector.
In conclusion, MPower Ventures AG has successfully secured €1.1 million to enhance its operations in Togo and expand its solar energy offerings across Africa. The funding signifies a pivotal step in making solar energy more accessible for households and small businesses, while also reinforcing MPower’s competitive stature in the rapidly growing solar market in Togo. The collaboration with crowdfunding platforms illustrates the increasing interest in renewable energy solutions on the continent.
Original Source: www.togofirst.com
