SOLshare, the Dhaka-based solar energy company that enables P2P electricity trading, has raised a US$1.66M investment in series A led by IIX Growth Fund, a Singapore-based organization that seeks to support high-impact enterprises, according to a report from Singapore based Deal Street Asia. The other investors participated in the round are Silicon Valley-based Innogy New Ventures LLC (the venture capital investment arm of the German utility firm Innogy SE), and Portuguese utility firm EDP.
SOLshare plans to use the fund to expand its operation, increase access to clean energy for over 19,000 rural households and 14,000 micro-entrepreneurs in Bangladesh.
Sebastian Groh, Managing Director of SOLshare told Deal Street Asia that SOLshare’s aim is to create efficient and dynamic local energy markets that empower households and encourage solar entrepreneurship. After Bangladesh, the startup aims to replicate the model in India, and eventually go global.