Azuri to expand off-grid solutions with $26million equity investment

To accelerate its expansion plan in the East and West African regions, Azuri Technologies, a provider of pay-as-you-go solar home solutions to off-grid households across Africa, on Monday, announced a strategic investment of US$26 million.

Led by Fortune Global 500 company, Marubeni Corporation, with additional participation from existing shareholders, including FTSE 250 company IP Group Plc, the firm hopes to increase its market share in the selected regions and open up new opportunities for the business.

According to the firm, the capital infusion from Japanese corporation, Marubeni, 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 access to the grid.

“We are delighted today to announce the equity investment by Marubeni Corporation and existing shareholders. The entry of a leading player in the international energy market into this sector demonstrates the increasing maturity of off-grid power and its role in serving the 600million people in Africa that still lack access to electricity,” said Simon Bransfield-Garth, CEO of Azuri Technologies.

“We believe that Azuri’s unique business model will have a profound impact on the growing off-grid energy market in Africa,” said Yoshiaki Yokota, Chief Operating Officer, Power Business Division at Marubeni Corporation.

“The global energy market is evolving rapidly, with the introduction of new renewable technologies and energy-efficient devices. We are delighted 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 pleased with its growth to date, with over 150,000 systems sold, positively impacting 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.”