- Gaia Impact fund has invested in Ugandan solar energy digital solutions provider Innovex/
- The fund believes the funds will enable Innovex to expand its activities in Uganda and Africa.
- The Fund envisages that this expansion will increase electricity access by 3 million over the next couple of years.
Ugandan based Innovex has received funding to boost its partnerships with solar energy developers on the continent. Gaia Impact Fund, a French renewable energy investment fund, just concluded an equity investment in Innovex. While the terms of the investment have not been made public, Gaia believes that the funds will enable the company to increase its digital services offerings in Uganda’s solar power market and Africa.
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Innovex (founded in 2016 by Douglas Baguma K and David Tusubira) is the creator of “Remot”, a cloud-based service that enables solar energy providers remotely monitor and manage solar installations. According to the Gaia Impact Fund, the software “has transformed the way many of these solar companies do business, including improved after-sales service and the ability to pay-per-use for larger solar systems. This has reduced overall downtime and improved the accessibility of solar systems and equipment.”
With more developers entering the solar energy space, the impact and benefits of Remot will become increasingly apparent. Remot also allows decentralized solar energy providers to collect payments remotely.
Gaia Impact Fund believes that with this investment, Innovex can extend the “Remot” technology to 100 solar energy distributors across Africa, increasing access to energy on the continent by 3 million people by 2023.