Fenix International, a renewable energy company, has raised $12.6 million for its ReadyPay Solar project in a Series-B funding.
This investment was funded by GDF Suez, Schneider Electric, Orange France Telecom, Clean Tech entrepreneurs Tom Dinwoodie and Warner Philips, and other impact investors.
ReadyPay is a solar energy system that provides East African communities with renewable energy with the ease of mobile payment for the service.
Jean Pascal Tricoire, CEO of Schneider-Electric, said, “We are convinced that the alliance of technology and innovative financing such as impact investing will be a major contributor to development through access to energy. We believe that Fenix International will be instrumental in this field.”
According to Fenix International’s CEO, Mike Lin, “Before ReadyPay, a solar energy system would cost a farmer more than a third of her annual income, but now she can finance clean, reliable electricity with her cell phone, by making micro-payments as little as $0.35 per day. This most recent infusion of capital will enable us to accelerate production and provide our breakthrough technology to even more communities throughout Africa.”
Fenix International is in partnership with telecom companies such as MTN, Orange and Vodafone to supply mobile-enabled solar systems to off-grid African communities.