MPower Ventures AG Secures €1.1 Million for African Expansion

MPower Ventures AG, a Swiss solar company, has obtained €1.1 million from CEI Africa to expand in Africa, especially in Togo. The funding will enhance their operations and distribution of solar products, helping to make solar energy more accessible. MPower’s CEO highlighted solar energy’s potential for economic development in sub-Saharan Africa as the company aims to solidify its market presence amid growing competition.

MPower Ventures AG, a Swiss solar energy company, has successfully secured €1.1 million in funding from the Foundation for Clean Energy and Energy Inclusion in Africa (CEI Africa). This investment comprises both equity and subordinated loans, intended to facilitate the expansion of MPower’s operations throughout Africa, particularly in Togo.

The funding will empower MPower to enhance its footprint in Togo, where the company already markets various solar products, including electric pumps, solar panels, security floodlights, and energy storage systems. The firm intends to broaden its distribution network and introduce additional financing options, thereby making solar energy more accessible for households and small businesses.

Active in seven African nations, MPower has successfully sold over 50,000 units of solar equipment. This funding initiative was achieved through partnerships with crowdfunding platforms Klimja and Republic. Manuel Seiffe, MPower’s co-founder and CEO, remarked on the potential of solar energy, stating it is a significant driver for economic development in sub-Saharan Africa.

In Togo, the solar sector is experiencing rapid growth, with companies such as Kya Energy Group, SOLEVA, BBOXX-EDF, and CREFER also delivering various solar solutions. The new funding will assist MPower in establishing a stronger presence in this competitive landscape.

In conclusion, MPower Ventures AG’s acquisition of €1.1 million in funding marks a significant step in expanding its operations in Africa, particularly Togo. The investment will enhance the company’s ability to distribute solar products and provide financing solutions, which are vital for boosting solar energy adoption. With multiple competitors in the burgeoning Togo solar market, MPower’s expansion will solidify its position within this industry, potentially leading to transformative economic benefits across sub-Saharan Africa.

Original Source: www.togofirst.com