SOLshare, a Dhaka-based solar energy company that enables P2P electricity trading, has raised $1.1M in a new funding round for an off-grid solar energy marketplace.
First reported by the Daily Star, the funding round was supported by IIX Impact Partners - the debt and equity crowdfunding platform for impact investing and included follow-on capital from existing investors, Innogy New Ventures LLC and EDP Ventures and as well as undisclosed new angel investors from around the world.
Previously, SOLshare raised a US$1.66M investment in series A in 2018 led by IIX Growth Fund.
With the new investment, the company aims to expand its solar energy marketplace and bring smart solar micro-grids to off-grid and underserved communities in the country.
SOLshare, founded in 2015 by Sebastian Groh, enables customers to produce, trade, and consume solar energy using a local microgrid. It has developed a peer to peer solar electricity trading platform that allows customers to sell their excess energy. It uses an internally developed energy meter connected to solar panels called SOLbox that enables electricity trading between households and micro-enterprises
Bangladesh has five million solar home systems installed. More than half of the country’s population has no access to electricity, and demand has reached nearly double the country’s generating capacity. This offers an incredible opportunity for companies like SOLshare to grow and build a business at scale.