A Norwegian government-run climate fund has invested £5m in a British green tech company providing affordable and reliable power supplies to millions of people living in Africa.
Sheffield-based MOPO, which provides sustainable energy supplies across several African nations, said it would use its Norfund investment to hire more people to accelerate the net-zero transition globally.
Founded in 2013, MOPO has developed a rentable battery system that consumers and businesses in emerging countries pay for per use.
Local agents run solar charging hubs that power this system, which has received support from Octopus Energy and British International Investment (BII).
It comes in two variants – one for purposes like domestic lighting and phone charging and another for larger devices like power generators used by businesses.
The University of Sheffield is another active partner in this technology, with its researchers helping to improve the system’s performance, efficiency and cost-effectiveness.
Chris Longbottom, CEO of MOPO, described Norfund’s investment as “a strong signal” that its rental model and technology are viable. He added that the funding will enable the business to “scale even faster to meet” increasing demand.
So far, MOPO’s technology has been rented 28 million times in Nigeria, DRC, Sierra Leone, Liberia, Chad and Uganda. And with this new investment, it’s preparing for “rapid expansion” in other parts of the world.
Ibrahim Bangura, who lives in Sierra Leone, said renting MOPO’s technology means he’s not impacted by “unreliable, expensive energy” anymore and can access power whenever required.
He said: “The batteries are cheaper than petrol generators and we now have consistent, affordable power that runs my fridge, helps my children study after dark, and allows me to run my business more reliably.”
