West Africa-based solar energy distributor Oolu, raises $8.5m funding
Oolu, a solar distributor in West Africa, has closed a $8.5million Series B investment round led by independent renewable energy developer RP Global.
Additional participating investors included Persistent Energy Capital, Shell-seeded impact investor All On, Gaia Impact Fund, and DPI Energy Ventures.
Since its inception in 2015, the company said it had sold over 60,000 solar home systems to customers in the region. With this investment, the company said in a release, that it will expand its core product offering to meet the needs of its current and future customers and further develop its operations in West Africa.
Dan Rosa, CEO and co-founder of Oolu, said: “The strength of our business and industry during a challenging global pandemic has demonstrated the value that customers see in our products and service.”
Oolu said its mission is to provide affordable energy access to rural and peri-urban customers in West Africa.
In addition to a large distribution and service network, Oolu employs over 250 full-time employees and is run by a Dakar-based management team of whom 50 percent are women.
It is counting also on the support of the investors to expand the business. “RP Global’s financial expertise and experience in managing renewable energy businesses will enable us to accelsolerate our growth.
“All On’s unparalleled knowledge of the renewable energy sector in Nigeria will help us to further adapt our business to meet customers’ needs. In addition, we are excited to continue our successful collaboration with current investors especially Persistent Energy Capital,” said Rosa.
Leo Schiefermueller, Director of RP Global Africa, comments: “We are looking forward to working with the most promising solar home systems provider in West Africa. Having found a partner with such an efficient structure and excellent management makes us optimistic that this will be our greatest venture in Africa to date.
“The fantastic team at Oolu is prepared to lead the company towards a whole new level of success and growth in all areas of one of Africa’s most important challenges – ‘access to energy’.”
All On Investment Manager, Afolabi Akinrogunde added: “Oolu Solar’s operational expertise, geographical spread in West Africa, flexibility and efficiency has earned the company a leadership position in solar home systems distribution.
“Their success across the region and Nigeria gives All On the confidence that this investment will further enhance our commitment to enabling the deployment of affordable off- grid power solutions in the Niger Delta and Nigeria as a whole.”