MyJouleBox, a solar distributor & operator, just completed a EUR 3m Series A round aimed at strengthening its positions as a leading energy specialist in Benin and accelerate its expansion in Burkina Faso, Senegal and Togo. The company, operating under the trade brand ARESS, has developed a competitive one-stop-shop approach to service complementary segments of clients (retail, SMEs, communities) in their decentralized, renewable energy needs.

The funding aims to support the expansion of the company’s customer base and deploy up to 36 MW of photovoltaic solar modules by 2023. With this funding, the company aims to reach some 55 000 new beneficiaries, to save more than 40 000 tons of CO2 eq/year.

MyJouleBox is a pan-African group, active since 2012 in West Africa. Through its unique model, launched in Benin and successfully replicated in several other countries in the sub-region, MyJouleBox has so far reached more than 300,000 people in four different countries.

MyJouleBox aims to contribute to a clean, sustainable and competitive regional energy market. MyJouleBox is also an innovative team, which has been developing since inception a steady innovative know-how to serve energy and financial inclusion sector. - www.myjoulebox.com

EDFI ElectriFI is an EU-funded impact investment facility, financing early-stage private companies and projects, focusing on new/improved electricity connections as well as on generation capacity from sustainable energy sources in emerging markets.

EDFI ElectriFI, is managed by the EDFI Management Company, a company established by the 15 European Development Finance Institutions (DFIs). - www.electrifi.eu

Gaia Impact Fund is a French impact fund dedicated to energy access entrepreneurs. We invest in startups and SMEs operating in Sub-Saharan Africa and South-East Asia, and active in various segments: small scale-solar solutions, productive uses of electricity, mini-grids, commercial & industrial solar installations, cleantech. Gaia Impact Fund was created by a team of entrepreneurs specialized in renewable energy and social impact investing. Since 2017, Gaia Impact Fund has supported 12 innovative companies in emerging countries and is actively pursuing its investment strategy with strong social and environmental impact. - www.gaia-impactfund.com

Triodos Investment Management connects a broad range of investors who want to make their money work for lasting, positive change with innovative entrepreneurs and sustainable businesses doing just that. In doing so, we serve as a catalyst in sectors that are key in the transition to a world that is fairer, more sustainable and humane.

We have built up in-depth knowledge throughout our 25 years of impact investing in sectors such as Energy & Climate, Inclusive Finance and Sustainable Food & Agriculture. We also invest in listed companies that materially contribute to the transition toward a sustainable society. Assets under management as per end of 2020: EUR 5.4 billion.

Triodos Investment Management is a globally active impact investor and a wholly owned subsidiary of Triodos Bank NV.

Read the press release in its entirety.

Finergreen acted as the financial advisor to MyJouleBox during its fundraising.

MyJouleBox was supported by the law firms Allen & Overy on French aspects and by Cabinet DHP Avocats on Beninese aspects.

The coalition of investors was supported by DGFLA on French aspects and by Ọya on Beninese aspects.

About Ọya

Ọya is a pan-African niche law firm based in Conakry, Cotonou and Paris that supports institutions such as financial institutions and development finance institutions, investment funds, multinational companies, and government bodies in their projects in sub-Saharan Africa.

Ọya is mainly active in the energy and infrastructure sectors ensuring the legal and regulatory security of all stages of public and private projects.

The Ọya team, composed of lawyers and engineers trained all over the world, provides you with quality services that meet the best international standards, adapted to your needs, and implemented in consideration of local contexts. - www.oya.africa