The impact firm ecoligo has successfully completed an oversubscribed financing round of 11 million euros. This infusion of capital was led by existing investors with the participation of two new investors. Among them:
- The Energy Entrepreneurs Growth Fund is an impact fund domiciled in Luxembourg, managed by Triple Jump BV and advised by Persistent Energy. This innovative fund provides catalytic financing for early and growth-stage companies operating in the access to energy ecosystem in Sub-Saharan Africa.
- Gaia Energy Impact Fund II (GEIF II) is a French venture capital fund focused on impact companies across the energy value chain from emerging markets. GEIF II is managed by Capital Croissance and advised by Gaia Impact.
With the capital increase, ecoligo plans to solidify its market position on the solar project side of its business, as well as launching new financial products into the German market. ecoligo also aims to expand its financial product offering to selected European countries. ecoligo has already developed and installed 130 solar systems worth 40 million euro worldwide in emerging countries that it operates within its group and that avoid more than 1.7 million tons of CO2 emissions in their expected lifetime.
Martin Baart, founder and CEO of ecoligo GmbH, says: "We are proud to have won two additional reputed investment funds of our growth story in the spirit of the global energy transition. In the currently difficult market environment for scale ups, this is a massive success. We are also very pleased that existing shareholders, such as EIT InnoEnergy also participated in this round and demonstrated their continued believe in the company. We and our retail investors have helped many companies to independently cover their energy needs. This motivates both us and our investors."
Frederic Pfister, Managing Partner of Gaia Impact, says: "We are thrilled to join the ecoligo journey. This decision stems from our deep conviction that private capital have a crucial role to play in providing businesses in developing countries with access to reliable and decarbonized energy. Throughout our due diligence process, we were profoundly impressed by the achievements of the ecoligo team. Their commitment to sustainability and their ability to implement innovative energy solutions are remarkable. By joining ecoligo, we are committed to actively support their mission and accompany them on the continued journey."
"We are delighted to announce our continued support and investment in ecoligo," says Jan Henrik Kuhlmann, Head of Direct Investments at Triple Jump.
"Their commitment to providing accessible solar solutions in emerging markets for commercial and industrial clients aligns seamlessly with our mission to catalyse the transition towards renewable energy. We believe that this follow on investment will further propel ecoligo towards achieving its ambitious goals and solidify its position as a leader in the renewable energy market. With this latest solidify its position as a leader in the renewable energy market. With this latest investment, ecoligo is poised to expand its reach, accelerate project development, and forge new partnerships to drive even greater impact in the renewable energy sector."
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