Japanese multinational Marubeni Corporation has joined IP Group in making Sh2.6 billion strategic investment in Kenya’s off-grid power solutions firm Azuri Technologies.
Azuri chief executive Simon Bransfield-Garth said the entry of Marubeni affirmed the importance of off-grid power solutions in increasing electricity connections to Kenyans and other African populations.
Mr Bransfield-Garth said the funds would be spent on expansion into new markets in East and West Africa through soon-to-be-opened subsidiaries for its solar lighting kit and TV sets via its pay-as-you-go model.
“We believe Azuri’s unique business model has a profound impact on the growing off-grid energy market in Africa,” said Marubeni Power Business Division Chief Operating Officer Yoshiaki Yokota.
IP Group Partner Jamie Vollbracht said the 150,000 systems sold since their first investment in Azuri gave them confidence that the tech firm’s new growth would generate more sales across Africa.