A UK-based company providing affordable energy access to low-income communities in West Africa is set for rapid expansion following the completion of a £2m Series A funding round.
Mobile Power was established in 2013 to serve the needs of rural end-users in markets that are underserved by existing rural electrification models. The company has operations in Sierra Leone, which is among the world’s poorest countries with 60% of the population living on less than US$1.25 a day. Mobile Power has recently launched in Liberia, and in 2021 will enter the Nigerian market, whilst supporting various partnership projects in Uganda, Zambia and Gambia.
Through Mobile Power’s innovative rental model, customers rent smart 50Wh lithium-ion batteries at a low cost and in 24-hour increments. The “MOPO Batteries” are charged by solar-powered “MOPO Hubs”. This provides a lower cost, lower carbon model than local alternatives, which include diesel generator-powered charging stations and battery-powered torches. MOPO Batteries are managed by “MOPO Agents”, and are suitable for lighting, phone charging, TVs, fans and radios.
Payments are made either in cash or using mobile money, making the service inclusive to those without mobile money or areas with weak phone signal. Additionally, the product requires no consumer debt or long-term commitment, unlike many solutions.
Mobile Power’s new e-mobility platform is based on the company’s existing technology, manufacturing, and operational experience, and will be launched in early 2021, providing battery rental for motorbikes, tuktuks, agricultural tricycles and other commercial applications.
Following the successful Series A funding round in December 2020, led by a £1m equity investment from REPP, Mobile Power is set to deploy hubs at a rapid pace in West Africa.
Prior to the funding round, Mobile Power had raised approximately £1.1m in equity to date from early-stage investors, and a further £1.7m during 2019 in the form of innovation grants and loans.
Contracted date: 10 December 2020
Lending type: Equity
REPP funding: £1 million
As a highly regarded energy access investor, REPP’s participation in our Series A funding round was of strategic importance to us as we expand into new territories.- Chris Longbottom, CEO, Mobile Power