Azuri Technologies, a pay-as-you-go solar home solution provider, has announced a strategic investment of US$26mn, led by Fortune Global 500 company Marubeni Corporation with additional participation from existing shareholders including FTSE 250 company IP Group plc
This strategic investment is set to accelerate Azuri's market growth plans in both East and West Africa and open up new opportunities for the business.
Azuri Technologies provides solar home systems to off-grid consumers in sub-Saharan Africa on a pay-as-you-go basis. These systems aim to enable households without access to the grid to benefit from modern conveniences, from electric light to satellite TV and Internet access via smartphones.
Japanese corporation Marubeni has global interests in energy and substantial experience in Africa. The capital infusion 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.
Yoshiaki Yokota, chief operating officer, power business division at Marubeni Corporation, said, “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.”
Akira Partners LLP and Taylor Wessing LLP advised Azuri Technologies.
