Senegalese solar distributor Oolu has closed a US$8.5 million Series B investment round to help it accelerate its growth.
Launched in 2015, Oolu aims to provide affordable energy access to rural and peri-urban customers in West Africa. So far, it has sold over 60,000 solar home systems to customers across its five markets – Nigeria, Senegal, Mali, Burkina Faso, and Niger.
The Series B funding round was led by independent renewable energy developer RP Global. Additional participating investors included Persistent Energy Capital, Shell-seeded impact investor All On, Gaia Impact Fund, and DPI Energy Ventures.
With the investment, Oolu will expand its core product offering to meet the needs of its current and future customers, and further develop its operations in West Africa.
“The strength of our business and industry during a challenging global pandemic has demonstrated the value that customers see in our products and service. RP Global’s financial expertise and experience in managing renewable energy businesses will enable us to accelerate our growth,” said Dan Rosa, chief executive officer (CEO) and co-founder of Oolu, said.
“All On’s unparalleled knowledge of the renewable energy sector in Nigeria will help us to further adapt our business to meet customers’ needs. In addition, we are excited to continue our successful collaboration with current investors, especially Persistent.”
Leo Schiefermueller, director of RP Global Africa, said he was looking forward to working with “the most promising solar home systems provider in West Africa”.
“Having found a partner with such an efficient structure and excellent management, makes us optimistic that this will be our greatest venture in Africa to date. The fantastic team at Oolu is prepared to lead the company towards a whole new level of success and growth in all areas of one of Africa’s most important challenges – ‘access to energy’,” he said.