Enexus Finance acted as the lead financial advisor, in collaboration with Clairfield International.

28 August 2019 – BBOXX, a next generation utility, has successfully closed a $50 million Series D funding round. The financial milestone includes a substantial investment from Mitsubishi Corporation, a global integrated business enterprise headquartered in Japan, which led the round. The cash injection will further enable BBOXX’s international expansion and fuel its mission to use technology to unlock potential and transform millions of lives worldwide. BBOXX has positively impacted nearly one million people to date through access to pay-as-you-go (PAYG) solar energy using mobile money. The company has installed 200,000 solar home systems (SHS) which are remotely monitored via BBOXX Pulse™. This digital platform harnesses Internet of Things technology and data to provide utilities at a large scale. BBOXX has replicated this model to provide clean cooking solutions using LPG with ambitions to deliver other utilities and products in new markets. The investment from Mitsubishi Corporation will help drive BBOXX’s growth across Africa, where it currently operates in 12 countries, as well as in Asia.

Mansoor Hamayun, CEO and Co-founder, BBOXX, said: “The funding is further evidence of Japanese interest in Africa and in PAYG solar energy globally. Mitsubishi Corporation’s extensive reach, sector specific and technological expertise will help us to reach more people without reliable access to modern utilities and services at even greater scale.We look forward to this next phase of growth that will help us to transform more lives, unlock potential and grow our already global footprint by opening up new markets and develop further our product range.”

Mitsubishi Corporation’s deep rooted sector experience will help power BBOXX’s innovation-led development. The Power Solution Group currently owns and operates about 6,100 MW of net generation capacity globally as of 30th June 2019 including wind, solar and other types of renewable energy. It is active in areas that help to combat climate change and secure sustainable supplies of energy to support a transition to a low carbon society. The participants in the Series D round are ENGIE Rassembleurs d’Energies, which promotes access to sustainable energy for all and is affiliated to ENGIE Group; Luxembourg-based pioneering impact investor, Bamboo Capital Partners; DOEN Participaties, a Dutch impact investment fund supporting sustainable and social startups; and MacKinnon, Bennett & Company (MKB), a Montreal-based growth equity firm focused on the clean energy, transportation, and smart city sectors.

Mr Hamayun added: “Our Series D round is made up of investors spanning three continents and is a testament to how the global community is embracing sustainability. BBOXX provides the technology and the scalability that makes us a tool for development and brings us closer to meeting the United Nation’s Sustainable Development Goals (SDGs).”

The investment follows a string of deals and strategic partnerships including the $31 million investment from Africa Infrastructure Investment Managers in January. Last year EDF, the world’s leading electricity company, became a joint shareholder in BBOXX Togo with a 50% stake.

Enexus Finance acted as the lead financial advisor, in collaboration with Clairfield International.

“We are proud to participate in this landmark transaction, which arguably represents one of the most significant investments in the (off-grid energy) industry in Africa in the last few years” said Julien Lefilleur, Managing Partner of Enexus Finance.

About BBOXX

BBOXX is a next generation utility, transforming lives and unlocking potential through the provision of affordable, reliable and clean energy and other modern utilities. BBOXX is enabling economic development in off-grid communities by creating new markets through the entry point of electricity. Energy provision brings people into the digital economy and creates demand in other areas including – gas, water, internet and finance – a demand which the company also seeks to meet. BBOXX’s products and appliances all operate on BBOXX Pulse™ – a comprehensive management platform which harnesses data, pioneering technology and machine-learning, enhancing the customer experience. BBOXX is scaling rapidly by forging strategic partnerships with investors, governments, telecommunications firms and energy majors.

So far, BBOXX has deployed close to 270,000 solar home systems, of which 200,000 are remotely monitored via BBOXX Pulse™, positively impacting the lives of nearly one million people. BBOXX has over 800 staff across nine offices including in Rwanda, Kenya, the Democratic Republic of Congo and Togo, with its head office in the UK and its manufacturing operations based in China. In January 2019, BBOXX was announced as the winner of the Zayed Sustainability Prize in the Energy category – testament to the way the company is making a meaningful difference to people’s lives around the world. You can find further information about BBOXX on its website at - http://www.bboxx.co.uk/

About Mitsubishi Corporation      

Mitsubishi Corporation is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business.

Mitsubishi Corporation has built a network to drive its next phase of major growth by constantly enhancing its ability to respond to change in tandem with fostering collaboration through the efficient and effective roles among Mitsubishi Corporation offices and subsidiaries, group companies and the head office.

Mitsubishi Corporation has a network of 171 overseas operations comprising 98 offices, 40 subsidiaries headquarters, and 33 branches all over the world to drive its next phase of major growth by constantly enhancing its ability to respond to change.

About Enexus Finance

Enexus Finance is a corporate finance firm specialized in middle-market transactions in Africa. Enexus Finance provides M&A and fundraising services to African and international companies willing to expand in Africa. Enexus Finance also advises financial investors, including private equity and debt funds, banks, institutional investors, family offices, international impact investors, and development finance institutions (DFIs). Enexus Finance operates from its offices in Paris and Abidjan – https://www.enexus-finance.com/.

About Clairfield International

Clairfield International is a partnership of leading corporate finance firms around the world, providing advisory services on middle-market transactions for large companies, private investors and private equity, public sector clients, and family businesses. Clairfield is headquartered in Europe with locations in every major region worldwide. Clairfield ranks as one of the top independent M&A advisors in the Thomson Reuters league tables.