Invested Development Invests in SolarNow to Provide Affordable Solar Home Systems in Uganda
FOR IMMEDIATE RELEASE
February 25, 2013
Boston, MA, Nijmegen, The Netherlands, & Kampala, Uganda – Invested Development, an emerging markets-focused social impact investment company, has invested in SolarNow, a Dutch social enterprise operating in Uganda. SolarNow combines a franchise model with an end-user credit facility to provide affordable solar home systems (SHSs) in Uganda. There are 4 million off-grid households in Uganda, representing 80% of the population. The investment comes from the BSP Fund, a super angel equity fund focused on investing in mobile technology and alternative energy solutions for the world’s underserved populations.
SolarNow’s emphasis on strong distribution networks and providing financing offerings will allow the company to scale successfully. The high quality SHSs replace other common lighting methods such as kerosene lanterns, which are harmful to the user’s health and expensive in the long-term. SolarNow’s solution is clean, safe, and reliable. The systems are modular to allow the customer to increase energy usage over time.
The franchise model has allowed SolarNow to establish a strong distribution network. There are 25 operational SolarNow shops throughout Uganda. SolarNow intends to expand to other East African countries in the future.
SolarNow joins ID’s BSP Fund portfolio of ten companies across Africa, India, and Latin America.The company is the sixth alternative energy solution in ID’s portfolio.
About Invested Development:
Invested Development is an impact investment fund manager. The mission of the company is to reduce poverty through risk capital investments in early stage startups with mobile technology and alternative energy innovations. It manages the BSP Fund, a super angel equity fund, and the Impact Factoring Fund, a working capital fund. For more information, visit http://www.investeddevelopment.com.
SolarNow was established in 2011 to answer the pressing demand for affordable high quality solar home systems amongst 4 million off-grid households and entrepreneurs in Uganda and later other countries. The Company designed an innovative, modular product range that is distributed through a franchise network in rural Uganda. The product comes with a 12-month credit facility. The operations follow a simple, highly standardized and low-cost design. For more information, visit http://www.solarnow.eu.
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