December 14 2020 / Modified on December 14 2020 The Renewable Energy Performance Platform (REPP) has just taken a stake of more than $1.3 million in Mobile Power, which provides electricity through the rental of solar-powered batteries in West Africa. REPP bought the shares in a fund-raising exercise that enabled the battery rental service provider to raise nearly $2.7 million for its expansion in the sub-region.
Mobile Power now counts the Renewable Energy Performance Platform (REPP) among its shareholders. The platform, funded by the UK government’s International Climate Finance, has just taken a $1.3 million stake in the solar-powered intelligent battery leasing company operating in West Africa.
Courtesy of REPP
UK-based Mobile Power was set up in 2013 to serve the needs of end-users that are underserved by existing rural electrification models in the region. Currently, the company has operations in Sierra Leone and Liberia, two of the poorest countries in the world where most of the population live on less than $1.25 a day.
Following this week’s completion of a £2 million Series A funding round led by REPP’s equity investment, Mobile Power is now set for rapid expansion, with plans to enter the Nigerian market next year whilst supporting various existing partnership projects in Uganda, Zambia and Gambia.