UpEnergy, a Uganda-based clean-energy startup, has closed a new debt investment deal with Global Hearthworks Foundation, vc4africa stated.
The new debt investment is aimed at boosting UpEnergy’s distribution channel by allowing it establish partnerships and drive sub-regional presence.
The details of the deal was not released.
UpEnergy had previously secured an equity investment deal of over $1 million and launched a campaign on VC4Africa to raise $1 million more in debt.
Established in 2011, UpEnergy provides clean energy products such as improved cookstoves to underserved communities in Africa. The company has served about 400,000 Ugandans with clean energy technologies.
The Global Hearthworks Foundation is a non-profit organization that supports market-based enterprises involved in bringing improved cookstoves and sustainable fuels to consumers in the poorest parts of the developing world.