Solar home systems, or SHS, are systems that consist of solar panels, battery storage, and a number of appliances for the home. BBOXX has been providing the technology to customers on a pay-as-you-go basis since 2010. The SHS operation and maintenance, as well as payments form customers, can be monitored remotely through a mobile app called BBOXX Pulse. Aside from electricity, the company is also planning to provide other utilities, such as gas and water to their customers.
Two years ago, NEoT Capital, an investment company focused on the distribution of renewable energy and electric vehicle services, has launched NEoT Offgrid Africa, or NOA. This is a platform that aims to invest in renewable energy projects in Africa over five years and promote the use of batteries to help supply power to off-grid areas in Africa where electricity is none to scarce.
Just last September 10, Mitsubishi Corporation has expressed their interest in investing in NOA. With their investment, MC plans to distribute power in Sub-Saharan Africa and later on put up projects associated with power supply in off-grid structures. In the area, there are over 600 million people living off-grid, where conventional distribution networks are not available. Here, the main source of light in a household is a kerosene lamp.
Mitsubishi has led an investment of 50 million dollars, a big chunk of which is from MC, in funding the growth of BBOXX across Africa. BBOXX CEO and co-founder, Mansoor Hamayun, stated how the company is an instrument as companies around the globe gear towards sustainability. "Our Series D round is made up of investors spanning three continents and is a testament to how the global community is embracing sustainability," he said. "BBOXX provides the technology and the scalability that makes us a tool for development and brings us closer to meeting the United Nation's Sustainable Development Goals (SDGs)."
He also explained how the Japanese company's interest in extending a hand to Africa is helpful in achieving sustainability in the country. "The funding is further evidence of Japanese interest in Africa and in PAYG solar energy globally. Mitsubishi Corporation's extensive reach, sector-specific and technological expertise will help us to reach more people without reliable access to modern utilities and services at even greater scale," he said.