Solar Pioneer Azuri Technologies Announces $26 Million Equity Investment
Led by Marubeni Corporation, financing will accelerate Africa's transition to clean, distributed and affordable energy
CAMBRIDGE, England, June 4, 2019 /PRNewswire/ -- Azuri Technologies, a leading provider of pay-as-you-go solar home solutions to off-grid households across Africa, today announced a strategic investment of US$26 million, led by Fortune Global 500 company Marubeni Corporation with additional participation from existing shareholders, including FTSE 250 company IP Group plc.
This strategic investment will accelerate Azuri's market growth plans in both East and West Africa and open up new opportunities for the business.
Azuri Technologies provides solar home systems to off-grid consumers in sub-Saharan Africa on a pay-as-you-go basis. These systems enable households without access to the grid to benefit from modern conveniences, from electric light to satellite TV and Internet access via smartphones.
Japanese corporation Marubeni has global interests in energy and substantial experience in Africa. The capital infusion will enable Azuri to accelerate expansion in existing sub-Saharan Africa markets and roll-out its solar lighting, TV and additional services into new markets, with a focus on enhancing the lives of millions living without access to the grid.
"We are delighted today to announce the equity investment by Marubeni Corporation and existing shareholders. The entry of a leading player in the international energy market into this sector demonstrates the increasing maturity of off-grid power and its role in serving the 600 million people in Africa that still lack access to electricity," said Simon Bransfield-Garth, CEO of Azuri Technologies.
"We believe that Azuri's unique business model will have a profound impact on the growing off-grid energy market in Africa," said Yoshiaki Yokota, Chief Operating Officer, Power Business Division at Marubeni Corporation.
"The global energy market is evolving rapidly, with the introduction of new renewable technologies and energy-efficient devices. We are delighted to be a strategic partner of Azuri as a market leader and see their solar home solutions and services as catalysts for change in the Africa energy sector and beyond."
Jamie Vollbracht, Partner at IP Group added: "As an early investor in Azuri, we are pleased with its growth to date, with over 150,000 systems sold, positively impacting off-grid households in Africa. Today we are delighted to welcome Marubeni to the business to help power the next exciting phase of growth for Azuri."
Marubeni Corporation was founded more than 150 years ago and is now one of Japan's largest trading firms with global interests across energy, manufacturing, trading and investment. The company has been investing in solar energy businesses for over 20 years. Since 2012, Azuri has been providing affordable pay-as-you-go solar home solutions to off-grid households across sub-Saharan Africa, with offices in Nigeria, Kenya, Tanzania, Uganda and Zambia.
Akira Partners LLP and Taylor Wessing LLP advised Azuri Technologies.
For more information, please visit: www.azuri-technologies.com
About Azuri Technologies Ltd.
Azuri Technologies is a leading provider of affordable pay-as-you-go solar home systems to off-grid consumers across Africa. Combining the latest solar innovation and mobile payment technology, Azuri delivers reliable, renewable and distributed power to the millions who have no access to modern powered services. Azuri operates in five key territories; Kenya, Nigeria, Zambia, Tanzania and Uganda with East Africa Headquarters in Nairobi, Kenya and West Africa Headquarters in Lagos, Nigeria.
For more information, please visit: www.azuri-technologies.com
About Marubeni Corporation
Marubeni Corporation and its consolidated subsidiaries use their broad business networks, both within Japan and overseas, to conduct importing and exporting (including third country trading), as well as domestic business, encompassing a diverse range of business activities across wide-ranging fields including food, agriculture & chemicals, consumer products, power, energy & metals, machinery, infrastructure & financial business.
Additionally, the Marubeni Group offers a variety of services, makes internal and external investments and is involved in resource development throughout all of the above industries.
For more information, please visit: https://www.marubeni.com/en/
About IP Group plc
IP Group is a leading intellectual property commercialization company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorized subsidiaries IP Capital and Park walk Advisors), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in early stage to mature businesses across life sciences and technology. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO. Group holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.
For more information, please visit our website at www.ipgroupplc.com
Media contact:
Gina Ghensi
Azuri Technologies Ltd.
gina.ghensi@azuri-technologies.com
+44(0)7769-875422
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