Ecoligo, a Berlin-based startup which provides solar systems to commercial and industrial businesses in emerging markets, has raised 2.5 million euros from Saxovent, a clean energy project developer and investor.
The startup says it will use the funds to scale up its operations in Ghana and Kenya. It will also use part of the money to expand its business in Costa Rica as well as expand to new markets in South Asia.
Founded in 2016, Ecoligo provides a complete digital platform for financing and delivering solar projects. In 2017, it closed seed financing with angel investors and InnoEnergy, a European company that promotes innovation and entrepreneurship.
“To date, we have successfully implemented more than 20 solar projects in East and West Africa, Central America and Southeast Asia and thus already have a relevant global influence,” Ecoligo CEO Martin Baart said.
Innovative financing options
Many Africans – about 600 million in the sub-Saharan region – continue to seek alternatives to unreliable power grids. They are increasingly turning to distributed energy systems but consumers often have trouble financing these expensive systems. Continue reading…