After having established the world’s first peer-to-peer solar energy grid in 2015 in a remote area of Bangladesh, SOLshare has announced the completion of its A-series investment round of $ 1.66 million, led by Innogy New Ventures, theSilicon Valley-based arm of the Innogy Innovation Hub.Portuguese utility firm EDP, and the IIX Growth Fund from Singapore complete the round.
Courtesy of SOLshare
SOLshare has created a new approach to providing affordable solar electricity to everyone in Bangladesh and beyond through its peer-to-peer solar energy trading platforms. It is now looking to expand its microgrid technology. The SOLbox IoT meter allows for peer-to-peer electricity trading between off-grid households connected to solar panels. As more users connect over time, the SOLshare network grows in supply and allocation, empowering households to become solar entrepreneurs by selling excess energy.
The young Bangladeshi company has recently been accepted into the Technical Pioneers Program of the World Economic Forum, an annual list of the most innovative companies in the world.
Dr. Sebastian Groh, Managing Director and Founder of ME SOLshare, said, “We are extremely honored and grateful that partners from Innogy, EDP, and IIX have put their trust in us in shaping this new energy future. The aim is to create efficient and dynamic local energy markets that empower households and encourage solar entrepreneurism, starting in Bangladesh, followed by India before the end of this year and eventually on a global scale.”
With this investment SOLshare, will continue to grow its technical team and build upon its early success in the market. Through SOLshare’s partnerships, the company has gained access to more than three million installed solar home systems in the remote areas of Bangladesh. SOLshare next aims to expand its presence in Bangladesh and India, to the rest of Asia, the region home to the majority of the world’s energy poor, with an estimated 700 million people without access to electricity.