BBOXX, a UK-based next generation utility platform has received an investment of $31 million from Africa Infrastructure Investment Managers (AIIM), a member of Old Mutual Alternative Investments for a minority stake in the platform’s operations in Rwanda, Kenya and the Democratic Republic of Congo through its AIIF3 fund.
BBOXX is a utility platform that designs, manufactures, distributes and finances innovative plug and play solar systems in order to improve access to energy across the African continent and the developing world.
According to Mansoor Hamayun, Chief Executive and Co-Founder of BBOXX, the company looks forward to working together to power economic growth and transform the lives of the underserved communities by creating a platform, which will bring access to affordable utility provision and value-added services.
The move with AIIM is set to allow BBOXX to install two million solar systems by 2022, bringing electricity to 10 million people in the African countries. The funds will be applied across BBOXX’s distribution mix, positively impacting a range of customers including households, schools and SMEs across rural, urban and peri-urban regions. This will help in enabling economic growth in these communities by creating new markets through the entry point of electricity.
According to Jurie Swart, AIIM’s chief executive, the group is delighted to be working with BBOXX to expand off-grid solar electricity to millions of people previously without access to basic utilities. “BBOXX shares our vision to remove barriers to economic growth and facilitate the development of Africa’s economies,” Swart added.
Apart from AIIM, BBOXX has partnered up with other companies such as telecommunications firm Orange in West Africa, leading global electricity company EDF in Togo as well as other technological partners, investment institutions and local governments, to expand energy access at scale.
