- Amped has signed a partnership with EDFI ElectriFI
- EDFI will provide a $6m capital facility to help the company distribute SHS to over 500,000 people.
The European Union-backed EDFI ElectriFI (Electrification Financing Initiative) is providing a $6 million working capital facility to Amped Innovation. The financing will support the solar energy services provider’s activities in Africa, specifically helping the company to provide solar home systems (SHS) to over 500,000 people in frontier markets. Of the $6 million, $4 million will be provided as part of the overall EDFI ElectriFI facility, while the remaining $2 million will be provided from the Nigerian country window.
Nigeria is one of Amped’s major markets as it distributes SHS to mainly rural households via small fee payment solutions. Amped also supplies other solar-powered equipment, including refrigerators, water pumps and TVs, to rural consumers. Co-founder Andrea Kleissner stated, “EDFI’s working capital facility will accelerate the deployment of Amped’s energy access solutions in more than 20 countries in Africa and South-East Asia. With each new customer order, Amped can call on the EDFI facility to finance the purchase of inventory. This availability of liquidity is crucial. It smoothens out the cash flow just when it is needed in the manufacturing production cycle.”
EDFI ElectriFI believes that the financing will enable Amped to provide access to electricity to 500,000 people.