MPower Ventures AG has acquired €1.1 million for expansion in Africa, specifically benefiting Togo. This funding will enhance operations, broaden distribution, and introduce financing options for solar energy. The company has sold over 50,000 solar units and aims to strengthen its market position amid growing competition.
MPower Ventures AG, a Swiss solar energy company, has successfully secured €1.1 million from CEI Africa to facilitate its expansion across Africa. This funding, which consists of equity and subordinated loans, will particularly enhance MPower’s operations in Togo, where it focuses on distributing solar products. The funds will enable the company to expand its distribution network and introduce more financing options for households and small businesses in the region.
Active in seven African countries, MPower has already sold over 50,000 units of solar equipment. The funding was acquired through collaboration with crowdfunding platforms, Klimja and Republic. Manuel Seiffe, MPower’s co-founder and CEO, remarked on the impact of solar energy by stating that it is a significant engine for economic development within sub-Saharan Africa.
The solar energy market in Togo is rapidly developing, with competitors like Kya Energy Group, SOLEVA, BBOXX-EDF, and CREFER offering an array of solar solutions. Through this new investment, MPower seeks to reinforce its presence in this evolving and competitive market.
In conclusion, MPower Ventures AG has successfully secured €1.1 million to expand its operations in Africa, with a specific focus on Togo. This investment will not only augment their existing distribution of solar products but also facilitate innovative financing options for customers. As the solar energy sector grows in Togo, MPower’s efforts aim to strengthen its competitive stance in the market, highlighting the transformative capacity of solar energy in economic development.
Original Source: www.togofirst.com
