ecoligo closes financing round of EUR 2.5 million to expand solar-as-a-service solution in emerging markets
Funding will enable ecoligo to accelerate growth and contribute to global climate protection.
Berlin, July 17, 2019 - The Berlin start-up ecoligo will receive EUR 2.5 million of funding from Saxovent, an investor specializing in ecological investments. Since its foundation in 2016, ecoligo has opened up the solar market for commercial and industrial businesses in emerging markets, driving the energy transition in these countries. The current funding will be used to scale up operations and enter new markets.
After closing a seed financing with business angels and InnoEnergy 2 years ago, ecoligo has successfully rolled out its crowd-financed Solar-as-a-Service concept in key markets. Saxovent COO, Matthias Kittler, was convinced by ecoligo’s business model, "because everyone involved benefits financially from the solution: the local companies who reduce their electricity costs, the local service providers through the installation and maintenance of the solar systems and the crowd investors in Germany, who receive an attractive interest rate. Last but not least, the climate benefits from the replacement of fossil fuels by solar energy". Therefore, according to Kittler, he is confident about the long-term success of the ecoligo and is happy to invest. Saxovent, a highly experienced renewable energy project developer that has built more than 385 wind turbines since 1997, is the sole investor in the current growth financing round.
ecoligo’s recent success has been impressive. "So far we have brokered a total of more than EUR 2.4 million on the crowd investing platform ecoligo.investments and won almost 800 committed private investors. To date, we have successfully implemented more than 20 solar projects in East and West Africa, Central America and Southeast Asia and thus already have a relevant global influence," says ecoligo CEO Martin Baart. The company has also been awarded with several prizes and recognitions. "Our business model and especially the integration of crowdinvesting was recently selected as one of 1,000 efficient solutions by the Solar Impulse Foundation. These solutions will make a measurable and sustainable contribution to combating the climate crisis," announced ecoligo CFO Markus Schwaninger.
With Saxovent's entry, Baart wants to expand into other countries and offer additional products and solutions: "With the funds raised, we are investing in the expansion of the existing hubs in Ghana, Kenya and Costa Rica and opening new locations in Southeast Asia. At the same time, we will expand our offering in the area of energy efficiency. There is huge potential here in our target markets." "Our local teams ensure that we maintain a close relationship with our corporate customers and partners, but our headquarters remains here in Berlin. In this way, we also want to ensure proximity to crowd investors. We are also looking forward to recruiting committed employees to strengthen the team here," Schwaninger explains.
Saxovent is an investor and project developer active in the renewable energy field and other sustainable business sectors. With a background in wind power project development and operation, Saxovent pursues both projects and corporate investments with a sustainable approach and with successful, long-term partners.
ecoligo provides a fully financed solar-as-a-service solution for businesses in emerging markets. With a complete digital platform for financing and delivering solar projects, ecoligo removes the barriers that prevent such projects from being realised. Supplying businesses with affordable electricity enables them to grow and boost the local economy.
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