- MyJouleBox has raised €3 million for its West African expansion.
- ‘The company distributes solar systems for rural and peri-urban consumers.
- The company also plans to use the funds to develop a 36MW solar PV system.
MyJouleBox’s has raised €3 million from several investors for its West African expansion scheme. Investors included EDFI ElectriFI (Electrification Financing Initiative), the French investment fund Gaia Impact Fund. In addition, Finergreen provided financial advisory to MyJouleBox for this Class A financing round. The funds will help the company expand its services in Benin, Burkina Faso, Senegal and Togo.
MyJouleBox distributes solar home systems for rural household electrification and large-scale off-grid solar systems for peri-urban households, small and medium-sized enterprises (SMEs), and commercial and industrial customers. MyJouleBox currently distributes its products under the “Aress” brand name in these countries.
Parts of the funds raised would finance the development of a 36MW solar PV system that will provide electricity to 55,000 new customers in the region. Paul Berthomieu, co-founder and CEO of MyJouleBox, stated, “after 10 years with only our sweat and our desire to change things, we are very happy to welcome such a panel of partners who will support us financially and bring us their strong experience for a long, sustainable, profitable and impactful growth.” The company hopes that this project which is set to be completed in 2023, will accelerate electrification in West Africa and reduce CO2 emissions by up to 40,000 tonnes annually.