The company said that it raised US$2 million from Signapore-based investment firm TRIREC. It will use the funds to increase its product distribution throughout Myanmar, advance its mobile money platform, and expand its product range to more premium products, such as systems with bundled television sets.
SolarHome provides off-grid households with a solar lighting system with an initial US$10 down payment, followed by daily, weekly, or monthly repayments through scratch cards or mobile payments.
According to TRIREC co-founder Melvyn Yeo, there are about 30 million households in Southeast Asia living off-grid, spending about US$2 billion a year on legacy energy sources.
“SolarHome has secured a significant first-mover advantage in the space, demonstrating exponential growth while maintaining portfolio quality,” Yeo said.
SolarHome said it has expanded distribution to 14 hubs and installed its off-grid systems in more 11,000 homes. The company also plans to establish presence in Cambodia, Indonesia, and the Philippines this year.
Lead image credit: SolarHome