SOLshare wins €400,000 EIT InnoEnergy investment
EIT InnoEnergy has awarded a €100,000 cash prize plus €300,000 investment in added value services to support expansion of SOLshare’s pioneering peer-to-peer solar trading platform.
The latest investment takes SOLshare’s most recent fundraising efforts to the €1.2 million mark, against a target of €2.26 million.
SOLshare’s platform creates solar microgrids where household solar panel owners can buy and sell electricity according to their needs, while also providing their neighbours with access to electricity, often for the first time.
During the next five years, SOLshare - currently operating 34 grids across Bangladesh and India - has ambitious plans to bring its technology to 350,000 householders and small businesses across Bangladesh, India, Sub Sharan Africa and the Pacific Islands.
In addition to expanding to new customers, SOLshare will also develop the platform to provide additional internet-based services.
Judges said SOLshare’s submission stood out because its value proposition has the potential to transform rural power markets with a large market globally. Its solution not only creates a transformative experience for end users but also represents a rather profitable business proposition for SOLshare itself.
“This investment and award are a milestone moment for SOLshare,” Sebastian Groh, Managing Director, SOLshare said. “Our technology contributes to several of the UN’s Sustainable Development Goals, including energy for all, gender equality and climate action and every step towards our funding goal means that we can brighten even more lives.”
In a recent impact assessment, it was calculated that every €800,000 invested in SOLshare generates €3.9 million in social capital.
EIT InnoEnergy CEO Diego Pavia said SOLshare has the potential to lift thousands of families out of energy poverty in a sustainable way by simply utilizing existing infrastructure in a smarter way. "Alongside our investment, we are delighted to award SOLshare this cash prize and look forward to working collaboratively to deepen their impact."