Amped Innovation contracts USD 6m with ARE Member EDFI ElectriFI to provide solar home systems to 500,000+ people in frontier markets
16 September 2021 – EDFI ElectriFI is making available a USD 6m revolving working capital facility (USD 4m from its global facility and USD 2m from the Nigeria Country Window) to Amped Innovation, a company designing and supplying high efficiency, lower-cost solar home systems (SHS) and appliances for distributors across the world.
Amped Innovation, a US-based company developing a new generation of highly efficient solar home systems was boosted by ElectriFI USD 6m revolving debt facility to fund its working capital needs.
Amped Innovation focuses on solar equipment with integrated pay-as-you-go functionality such as high-performance lighting, televisions, cold-chain appliances, and DC-AC inverters. The company’s products offer high quality, reliable technology solutions, which are also affordable to low-income population segments. Amped Innovation gained recognition through a number of technology awards; its solar water pump and solar fridge were named Global LEAP awards finalists in 2019, and it was awarded a £160,000 R&D grant from Efficiency for Access for its continued innovation of off-grid refrigerators.
“EDFI ElectriFI is happy to support Amped Innovation which is a very dynamic and innovative company. This working capital facility is the first such instrument offered by ElectriFI. By financing Amped Innovation’s working capital needs, our debt financing will allow the company to use its cash resources on research and development and other corporate needs,” explained Natalia Svarinska, ElectriFI Senior Investment Officer at EDFI Management Company.
Here too, EDFI ElectriFI is collaborating with the government and the EU Delegation in Nigeria to accelerate renewable energy access in the country. Amped also benefited from the advisory and facilitation services of the European programme GET.invest.
“The EDFI working capital facility will accelerate Amped’s deployment of energy access solutions into over 20 countries across Africa and Southeast Asia. With each new customer order, Amped can draw on the EDFI facility to finance inventory purchasing. This cash availability is crucial – smoothing cashflow just when it is needed in the manufacturing production cycle,” concluded Andrea Kleissner, co-CEO at Amped Innovation.