BBOXX, a next generation utility, has successfully closed a $50 million Series D funding round. The financial milestone includes a substantial investment from Mitsubishi Corporation, which led the round. The cash injection will further enable BBOXX's international expansion and fuel its mission to use technology to unlock potential and transform millions of lives worldwide.
BBOXX has positively impacted nearly one million people to date through access to pay-as-you-go (PAYG) solar energy using mobile money. The company has installed 200,000 solar home systems (SHS) which are remotely monitored via BBOXX Pulse™. This digital platform harnesses Internet of Things technology and data to provide utilities at a large scale. BBOXX has replicated this model to provide clean cooking solutions using LPG with ambitions to deliver other utilities and products in new markets.
The investment from Mitsubishi Corporation will help drive BBOXX's growth across Africa, where it currently operates in 12 countries, as well as in Asia.
Mansoor Hamayun, CEO and Co-founder, BBOXX, said: "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.
"We look forward to this next phase of growth that will help us to transform more lives, unlock potential and grow our already global footprint by opening up new markets and develop further our product range."
Mitsubishi Corporation's deep rooted sector experience will help power BBOXX's innovation-led development. The Power Solution Group currently owns and operates about 6,100 MW of net generation capacity globally as of 30th June 2019 including wind, solar and other types of renewable energy. It is active in areas that help to combat climate change and secure sustainable supplies of energy to support a transition to a low carbon society.
The participants in the Series D round are ENGIE Rassembleurs d'Energies, which promotes access to sustainable energy for all and is affiliated to ENGIE Group; Luxembourg-based pioneering impact investor, Bamboo Capital Partners; DOEN Participaties, a Dutch impact investment fund supporting sustainable and social startups; and MacKinnon, Bennett & Company (MKB), a Montreal-based growth equity firm focused on the clean energy, transportation, and smart city sectors.
Mr Hamayun added: "Our Series D round is made up of investors spanning three continents and is a testament to how the global community is embracing sustainability. 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)."
The investment follows a string of deals and strategic partnerships including the $31 million investment from Africa Infrastructure Investment Managers in January. Last year EDF, the world's leading electricity company, became a joint shareholder in BBOXX Togo with a 50% stake.