Access to electricity remains a challenge in Benin, with 60% or 7.6 million people, predominantly in rural areas, having no access. The government has set ambitious goals to achieve urban and rural electrification rates of 95% and 65% by 2025. A quarter of the country’s energy mix is expected to come from renewable energy. Solar operator and distributor MyJouleBox is well-positioned to contribute to these goals. It has secured EUR 3 million equity funding from a group of investors: EDFI ElectriFI, Gaia Impact Fund and Hivos-Triodos Fund, which enables MyJouleBox to strengthen its market position in Benin and expand to Burkina Faso, Togo and Senegal.
MyJouleBox will use the proceeds of the funding round primarily to finance working capital needs and the business expansion cost for the coming years, including new staff onboarding, local offices, new stores, storage facilities and business development.
“The vision and ambition of the founders, combined with the company’s proven business model makes MyJouleBox a great addition to our portfolio of off-grid solutions in Africa,” says Fadoua Boudiba, Regional Manager Africa and the Middle East. "The founders are fully dedicated and committed to increase rural electrification in West Africa. Also, by employing local talent MyJouleBox contributes to the development of strong and robust local economies.”
Learn more about Triodos’ new investment on MyJouleBox project here>
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