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Amped Innovation signs a $6m  contract with ARE Member EDFI ElectriFI to offer solar home systems to over 500,000 people in frontier markets.

Amped Innovation, a company that designs and supplies high efficiency, lower-cost solar home systems (SHS) and appliances for distributors across the world, will receive a USD 6 million revolving working capital facility from EDFI ElectriFI (USD 4 million from its global facility and USD 2 million from the Nigeria Country Window).

ElectriFI granted a USD 6 million revolving debt facility to Amped Innovation, a US-based company developing a new generation of highly efficient solar home systems.

Solar equipment with integrated pay-as-you-go functionality, such as high-performance lighting, televisions, cold-chain appliances, and DC-AC inverters, are the emphasis of Amped Innovation. The company’s products provide high-quality, reliable technology solutions that are also accessible to low-income population. In 2019, Amped Innovation was designated a Global LEAP awards finalist for their solar water pump and solar fridge, and it was awarded a £160,000 R&D grant from Efficiency for Access for its continued innovation of off-grid refrigerators.

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“EDFI ElectriFI is happy to support Amped Innovation which is a very dynamic and innovative company. This working capital facility is the first such instrument offered by ElectriFI. By financing Amped Innovation’s working capital needs, our debt financing will allow the company to use its cash resources on research and development and other corporate needs,” explained Natalia Svarinska, ElectriFI Senior Investment Officer at EDFI Management Company.

Here too, EDFI ElectriFI is collaborating with the government and the EU Delegation in Nigeria to accelerate renewable energy access in the country. Amped also benefited from the advisory and facilitation services of the European programme GET.invest.

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Weddy Thuranira
Weddy Thuranira
Weddy profiles new startups and innovators across Africa and announces funding rounds, mergers, acquisitions and startup partnerships across Africa. She is based in Nairobi, Kenya. Reach her and the entire news desk at [email protected]

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