Mobile pay-go solar pioneer d.light announced it raised another $10.5 million of capital this morning (Jan. 16) to help fund its international expansion. D.light offers a growing range of mobile pay-go home solar products and services in low income communities in Africa and Asia, a business model that is breaking the mold that has guided and informed international development and for-profit energy and power sector investment in developing economies for over half a century.
It’s a local, socially and environmentally driven business model that has been gaining adherents among venture capital (VC) and private equity investors, as well as within the development community and power sector, to the degree that d.light CEO Ned Tozun will talk about the coming “Fourth Industrial Revolution” at the upcoming World Economic Forum annual meeting in Davos, Switzerland Jan. 17-20. D.light raised $22.5 million in a Series D funding round in September and $7.5 million in debt in October. This latest infusion of capital brings the total it has raised in four months to $43 million.
Kick-started by multilateral development programs, notably U.S. President Barack Obama’s Power Africa program, African governments and international investors are coming to view mobile pay-go solar as a legitimate and effective means of fostering broad-based sustainable socioeconomic development in a way that taps into the latent talents, knowledge and abilities of local residents.
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