Tech in Africa
Amsterdam-based Zola Electric, a solar hybrid renewable energy technology company has successfully completed a $90 million capital raise. The funds comprise a $45 million equity raise and the other $45 million in debt. ZOLA Electric has a strong African footprint where ZOLA flex with ZOLA flex plug-and-play, connected, solar, and storage hybrid power systems.
ZOLA Electric was founded in 2011 and remains a recipient of the UN Momentum for Change Award and Zayed Future Energy Prize awards. The equity element of the raise was led by the venture capital arm of the following corporates, TotalEnergies SE, Helios Investment Partners, DBL Partners, Vulcan Capital, and Solar City founder’s Pete River and Lyndon Rive. Other parties involved are New York clean Electron Capital Partners.
The debt is provided by top Energy Access lenders such as FMO, solar debt finance provider SunFunder, and the Dutch entrepreneurial development bank. Proceeds from the investment are used to develop next-generation software and hardware technologies focussed on reliable, affordable, and clean energy to Asia, Africa, and Latin America.
ZOLA’s lead technology is used to bring distributed clean digital energy solutions to those lacking reliable and affordable energy. ZOLA operates intelligent batteries installed in homes and businesses which are then integrated into a single energy source. These solutions are managed by Vision (a Saas software system providing customers with data, analytics, and systems control. Zola runs on intelligent batteries which are monitored and managed by Vision – the world’s first integrated, modular and intelligent platforms built purposely for the Energy Access sector.
ZOLA Electric delivers energy to 1.5 million users spread across 10 countries most of which are predominantly in Africa. In a statement, ZOLA Electric CEO Bill Lenihan said, “we are thrilled to have the backing of these leading energy operators and investors.”
Solar Hybrid Systems Firm ZOLA Electric Raises $90 million@ZOLAElectric @NancyPfundDBL @TotalEnergies @PPouyanne @JeanFToulisse #solarenergy #solarpower #solarproducts https://t.co/MbdHe92ZE2
— Saur Energy (@Saur_energy) September 24, 2021
