MPower Ventures AG has received €1.1 million in funding from CEI Africa for its expansion in Togo and other African countries. This investment will enhance its distribution network and financing options for solar products, helping increase accessibility to solar energy. CEO Manuel Seiffe highlighted the transformative potential of solar energy for economic development in sub-Saharan Africa. MPower seeks to establish a stronger presence in the competitive Togo market.
MPower Ventures AG, a Swiss solar company, has secured €1.1 million in funding from CEI Africa to support its expansion in Africa. This investment, which comprises equity and subordinated loans, aims to enhance MPower’s operations in Togo and other African nations. The funds will assist in strengthening the distribution of solar products, including electric pumps, panels, floodlights, and storage systems.
The company intends to broaden its distribution network and provide various financing options to facilitate access to solar energy for households and small businesses. MPower currently operates in seven African countries and has sold more than 50,000 solar equipment units, showcasing its commitment to solar energy solutions in the region.
Securing this funding involved collaboration with crowdfunding platforms Klimja and Republic. Manuel Seiffe, the co-founder and CEO of MPower, remarked on the significant impact of solar energy in economic development by stating, “Solar energy, coupled with appropriate financing solutions, is one of the most effective levers for stimulating economic development in sub-Saharan Africa.”
The solar energy market in Togo is flourishing, with competing companies such as Kya Energy Group, SOLEVA, BBOXX-EDF, and CREFER offering diverse solar solutions. Through this injection of funds, MPower seeks to reinforce its presence in this burgeoning and competitive landscape.
In summary, MPower Ventures AG has successfully secured €1.1 million from CEI Africa to enhance its operations across Africa, particularly in Togo. The funds will enable the company to expand its distribution network and financing options, thereby making solar energy more accessible to the local population. With the rapid growth of the solar sector in Togo, MPower’s initiative places it in a favorable position to contribute to economic development through sustainable energy solutions.
Original Source: www.togofirst.com
