- The funding for BioLite has been disclosed by the investment firm Mirova SunFunder at $5.3 million.
- The US company produces solar-powered home appliances and clean cooking sets in sub-Saharan Africa.
BioLite is receiving investment to grow its business in sub-Saharan Africa; the American corporation, with its headquarters in New York, will receive $5.3 million from Moriva SunFunder. Lion’s Head Global Partners handled the deal in collaboration with the Off-Grid Energy Access Fund (EIF-OGEF) of the Energy Inclusion Facility.
BioLite offers solar home systems in sub-Saharan Africa, making it possible for rural houses to be electrified. Other solar-powered appliances are frequently used in conjunction with these standalone systems. Additionally, the business offers low-carbon cooking kits that address the requirement to reduce deforestation by using wood for cooking in Africa.
According to Mirova, the $5.3 million loan will enable BioLite to finance its “increased working capital needs, a product of its rapid expansion in sub-Saharan Africa”. “Access to this additional capital is critical to BioLite’s continued growth and success in the off-grid solar market and to help us achieve our goal of providing clean energy and combating climate change,” said Robb Dahir, BioLite’s CFO.
The company has already obtained more finance in recent years as it continues to grow across Africa. In 2020, as the Covid-19 pandemic spread worldwide, KawiSafi Ventures, an impact fund devoted to East African nations, provided $5 million in funding to BioLite. With the money, BioLite hoped to increase the reach of its products, fund the creation of new ones, and improve the efficiency of its Chinese supply chain.