MPower Ventures secures EUR 375k from CEI Africa

Zurich-based startup MPower Ventures has secured matching funds of up to EUR 375’000 from the Clean Energy and Energy Inclusion (CEI) for Africa, adding on to its ongoing crowd funding campaign on Crowd4Climate. MPower will use the financial boost to bolster its 3-pillar growth strategy: expanding the distributor network, diversifying the product portfolio, and broadening financing offerings. 

Climate and fintech startup MPower Ventures built a B2B platform that provides small- and medium-scale solar energy infrastructure in developing countries. Its offerings include decentralised, high-quality plug-and-play solar devices and energy-efficient household and income-generating appliances that provide electricity to lower- and middle-income households, SMEs, and farmers in Africa. The startup also developed a financing model for partners and their end-users and in-house software solutions to help distributors optimize their operations.  Since its inception, MPower has sold solar systems that have generated 1.2GWh of clean power, supported over 1,200 small and medium enterprises (SMEs), and facilitated financial inclusion for more than 4000 people with an expected significant increase as the company expands operations. With its headquarters in Zurich and offices in its core markets, including Zambia, Cameroon, Togo, Namibia and Ghana, MPower employs 52 people.The company is currently running a crowdfunding campaign on Crowd4Climate, a crowd-lending platform for participation in sustainable energy and climate protection projects. More than EUR 110'000 has been raised thus far. In addition to the crowd investment, MPower has secured an investment of 375’000 Euros on a match-funding basis from The Foundation for Clean Energy and Energy Inclusion for Africa (CEI). Managed by Triple Jump, B.V, Persistent and GreenMax Capital Group, CEI Africa has allocated EUR 28M to support off-grid energy companies and mini-grid project developers through co-financing with crowd lenders, including the provision of technical assistance. CEI’s Foundation has received preliminary IC approval to invest in MPower Ventures AG alongside Crowd4Climate, lending up to 50% of the funds raised from the platform. The terms of this potential investment are laid out in a term sheet signed by both parties. CEI’s commitment is contingent upon the Foundation’s concluding satisfactory final due diligence and receiving the required final investment committee approval. CEI is also considering investing in an upcoming equity crowdfunding campaign MPower is looking to raise on Oomniun.

(Pres releases / SR) 

Image: CEI Africa