- Sun Exchange, the world’s first peer-to-peer solar leasing platform has secured a US$3 million (ZAR 50 million) investment from ARCH Emerging Markets Partners’ Africa Renewable Power Fund (ARPF).
- This marks the close of their $4 million (~ ZAR 67 million) Series-A funding round.
In a press release, Sun Exchange explained that the close of this funding round and the investment from ARCH will unlock the next phase of growth , enabling it to expand their work solar powering schools, clinics, farms, cell towers, water plants, businesses and other organisations across Sub-Saharan Africa.
In addition, the funding will bolster Sun Exchange marketing activities to substantially grow membership base, and make significant software enhancements to extend the capabilities and features of our online platform. This also means that they will continue to build on their team, creating several new, sustainable, clean energy jobs.
Here is what William Barry, Managing Director of ARCH, had to say about the investment: “Sun Exchange is positioned to emerge as an enabling force in the imminent global energy and economic transformation, with a first-of-a-kind platform that harnesses the power of a united global community to unlock the potential of distributed solar power in emerging markets. We are thrilled to partner with Sun Exchange on this journey to expand the success the company has already seen in South Africa throughout ARPF’s target markets in sub-Saharan Africa.”
Abe Cambridge, CEO & Founder of Sun Exchange, noted, “There has never been a more critical time to accelerate the Sun Exchange mission of connecting the entire world to the sun, as socio-economic and energy systems across the world are on the brink of being reset and redefined.”
Adam Draper, Co-Founder and Managing Director, Boost VC, an early Sun Exchange investor, stated, “amidst the unprecedented health and financial hardships currently impacting the entire world, we’ve seen an undeniable slowdown in VC deals. This successful raise speaks volumes of the ingenuity and resilience of the Sun Exchange business model.”
Last year, Sun Exchange more than doubled the size of their community, now standing at more than 17,000 members from 162 countries. Additionally, their project portfolio nearly tripled in size, and they are now facilitating solar power for 31 schools, businesses and organisations across South Africa.
Author: Bryan Groenendaal
Source: Sunexchange
