Azuri Technologies, a pay-as-you-go solar home solution provider, has declared a strategic investment of US$26mn, led by Fortune Global 500 Company Marubeni Corporation with extra participation from existing shareholders including FTSE 250 Company IP Group plc.
This strategic investment is set to boost Azuri’s market growth plans in both East and West Africa and open up new opportunities for the business.
Azuri Technologies supply solar home systems to off-grid consumers in sub-Saharan Africa on a pay-as-you-go basis. These systems aim to allow households without access to the grid to benefit from modern conveniences, from electric light to satellite TV and Internet access via smartphones.
Japanese corporation Marubeni has global concern in energy and substantial experience in Africa. The capital infusion will enable Azuri to accelerate expansion in existing sub-Saharan Africa markets and roll-out its solar lighting, TV and additional services into new markets, with a focus on enhancing the lives of millions living without using the grid.
Yoshiaki Yokota, chief operating officer, power business division at Marubeni Corporation, said, “The global energy market is developing rapidly, with the introduction of new renewable technologies and energy-efficient devices. We are pleased to be a strategic partner of Azuri as a market leader and see their solar home solutions and services as catalysts for change in the Africa energy sector and beyond.”
Jamie Vollbracht, partner at IP Group, added, “As an early investor in Azuri, we are delighted with its growth to date, with over 150,000 systems sold, positively hitting off-grid households in Africa. Today we are delighted to welcome Marubeni to the business to help power the next exciting phase of growth for Azuri.”
Akira Partners LLP and Taylor Wessing LLP advised Azuri Technologies.