d.light Raises $41 million from Consortium

The equity financing was raised by d.light from a Consortium led by Inspired Evolution, an Africa-focused investment advisory firm.

d.light, a distributed solar provider has announced that it has secured a funding of $41 million to finance its solar and appliances business.

The equity financing was raised from a Consortium led by Inspired Evolution, an Africa-focused investment advisory firm that specializes in the energy sector. Consortium partners include the Dutch Development Bank FMO, as well as government-sponsored investment funds Swedfund and Norfund.

The current round of funding takes the total funding d.light has raised in the past two year to over $100 million.

“We are thrilled to have Inspired Evolution as the newest funding partner in the d.light family,” said d.light co-founder and CEO Ned    Tozun.

“Their energy expertise and strong network add significant value to the work of d.light, allowing us to expand our product line, launch in new markets, and reach more customers.”

Wayne  Keast, Managing Partner, at Inspired Evolution said, “We are excited to partner with d.light, the market leader in the portable solar product and off-grid solar home system market, to support the expansion of their Pay-Go solar business throughout Africa which will help address the needs of more than 600 million people  that do not have access to electricity.”

With a strong emphasis on product quality and customer service since its earliest days, d.light has built up a loyal customer base in emerging markets.