- Marubeni Corporation has acquired a stake in Azuri Technologies Ltd entering into the solar home systems business for off-grid areas in Africa.
- Marubeni’s investment will make the company the largest shareholder of Azuri.
Azuri Technologies is a leading provider of pay-as-you-go solar home solutions to off-grid households across Africa. The strategic investment of US 26 million, led by Marubeni Corporation with additional participation from existing shareholders, including IP Group plc will accelerate Azuri’s market growth plans in both East and West Africa and open up new opportunities for the business.
Azuri provides solar home systems, which include solar panels, batteries, LED lights, radio and 60 channels of satellite TV, to off-grid consumers through installments paid via mobile payment on a pay-as-you-go basis. These systems enable households in off-grid areas to access electricity for business, study and other such activities.
Azuri’s systems also enable these households access to worldwide information through TV and radio. One of Azuri’s strengths is a unique technology called HomeSmartTM. This system learns the typical powerusage patterns of individual consumers and then adapts energy output to manage the system to each consumer’s specific needs. It also monitors and adapts to weather conditions to ensure that consumers have access to “light at night”.
At present, approximately 1.1 billion people throughout the world do not have access to electricity.
In 2018, Marubeni also acquired a stake in WASSHA Inc. and has since been conducting regional power supply business for off-grid areas in Tanzania.
Author: Bryan Groenendaal