UK’s Brighter World Energy, just raised GBP500,000 seed capital round led by ClearlySo, a European impact investment bank to help tackle the continent’s power crisis as well for its customers in the UK.
And this is a right move, according to a May 2016 report by the Economist Intelligence Unit, Africa needs $90 billion annually to address its energy shortfall to due to the increase energy demand on the continent, coupled with a growing population.
“We’re here for those conscious consumers who want a good deal, but also want to use the power of their purchase to do some fundamental good in the world,” said Founded by Brighter World Future’s founder and CEO, Cheryl Latham. “With more than a billion unconnected people around the world, making a simple switch here at home will turn on the lights for villages in Africa for the very first time. Everyone should have the same right to access energy, no matter where they are born.”
According to the World Bank, over 591 million Africans have no access to energy and all society is affected-from SME’s to school children to hospitals because of lack of electricity and improving Africa’s energy situation is therefore central to the fight against extreme poverty.
Latham says Brighter World Energy will be the first to serve both customers in Africa and those in the UK access to energy at competitive tariffs and high-quality online support, which will contribute directly to help build solar-powered micro-grids in Africa.
For every 2,000 customers signed up with Brighter World Energy, a solar powered micro-grid is installed in Africa; translating to an average household savings of up to GBP200 per annum in savings when compared to the average standard variable tariff of the Big Six energy providers. Its mission to deliver renewable energy in Africa positions the company to align their business with UK customer values, build sustainable stakeholder engagement and strengthen their position in the domestic energy market.
Her model works, as growing numbers of UK consumers are keen to source energy from companies operating in the sustainable and not for profit sectors for both worlds. With this funding, the firm is able to will not only enable socially conscious consumers to save money on their household energy bills but will make a real difference to the lives of people in Africa.
“There is a clear correlation between access to energy and inequality,” said Hayley Collen, investment director at ClearlySo. ”Brighter World Energy is helping solve this problem by leveraging the power and consciousness of the British consumer to provide access to clean energy for those who need it most whilst getting a competitive price for their own fuel.”
