South African startup Sun Exchange has completed the crowd sale for a 510 kilowatt solar-plus-storage installation to solar power packhouse and cold store facilities for Zimbabwean agriculture leader Nhimbe Fresh, with approximately US$1.4 million of solar cells purchased by over 1,700 individuals across 98 countries. Launched in 2015, Sun Exchange is a peer-to-peer solar leasing platform that enables anyone, anywhere in the world, to buy remotely-located solar cells that power schools, businesses and other organisations. The startup has since then built a community of more than 19,000 members across 168 countries and brought solar power to 35 South African schools, businesses and organisations, and it set itself up for further growth after closing its US$4 million Series A investment round in June of last year. By accessing lower-cost and reliable solar power through the Sun Exchange platform, the fresh produce grower and exporter will save approximately US$2 million on its solar installation and reduce overall energy costs by roughly 60 per cent. As the solar power is replacing coal and diesel energy sources, their carbon emissions will also now be reduced by more than one million kilogrammes per year. The first part of this process has now been completed.
SOURCE: EQ INTERNATIONAL
More Stories
Top 5 African Travel Destinations To Visit This August
African Countries that don’t Require a Visa to Enter South Africa
South Africans are Now Swelling the Ranks of Explorers Shouldering Backpacks
Getting around West Africa’s Most Populous City can be an Adventure in Itself
The Mauritian Dream
The Newly Reopened Africa Centre Celebrates the Continent’s Culture (and Seriously Chic Room Dividers)
From Bold Prints to Gender Defying Clothes: 4 Things to Know About Contemporary African Fashion
Meet the Nigerian Artist Visualizing Africa’s Future by Reaching into the Past
En Vogue
Interview: Director K is Making Historic Afrobeats Music Videos
Nigeria has Promised to Legalize Local Refineries and Set Up Refining Hubs in the Niger Delta
Central African Ministers Agree to Merge Two Regional Blocs to Boost Trade and Growth