Home Solar Energy MyJouleBox secures €3m Series A to expand into Francophone West Africa

MyJouleBox secures €3m Series A to expand into Francophone West Africa

myjoulebox - cleanbuild

MyJouleBox, a France-based but Benin-anchored startup, has closed EUR 3m Series A funding from EDFI ElectriFI, Gaia Impact Fund, a French VC firm, and financial advisory support from Finergreen, Allen & Overy, and De Gaulle Fleurance & Associés (DGFLA).

This new investment will allow MyJouleBox to strengthen its positions as a leading energy specialist in Benin as well as expand its market across other West African countries such as Burkina Faso, Senegal, and Togo.

Launched in 2012, the company specializes in the sales, installation, and maintenance of PV solutions tailored to meet the energy needs of underserved communities in Africa.

In the Republic of Benin, only 40% of the citizens have access to electricity. While 70% of urban residents have access to power, only 18% of people in rural areas have the facility. Contrasting the figures, there’s no doubt a significant urban-rural electricity access gap in the country.

As such, the Beninese government has put forward an ambitious target to leverage renewables to achieve urban and rural electrification rates of 95% and 65%, respectively, by 2025.

To help reach this goal, MyJouleBox has become a one-stop shop providing its clients- retail, SMEs, communities, and households- with access to solar energy through a Pay As You Go, model.

It makes available solar home systems for household electrification in rural areas, as well as large-scale off-grid solar systems that can power peri-urban households, small and medium-sized enterprises (SMEs), and commercial and industrial customers.

Having received this latest cash injection, MyJouleBox, operating under its brand name ARESS, is set to deploy 36 MW of solar PV systems by 2023 to electrify 55,000 new customers in West Africa.

According to the company, the project will not only accelerate electrification in West Africa but also reduce emissions by around 40,000 tonnes of CO2 equivalent per year.

Co-founder and CEO of MyJouleBoxPaul Berthomieu, said, “After 10 years with only our sweat and our desire to change things, we are very happy to welcome such a panel of partners who will support us financially and bring us their strong experience for a long, sustainable, profitable and impactful growth.” 

Commenting also, Corentin Billiet, ElectriFI investment officer at EDFI Management Company, said, “Within a few years, MyJouleBox managed to grow from a young start-up to a major player in the West African off-grid renewable energy space.

This success is mainly due to the exemplary vision and management of its two cofounders Léonide Sinsin and Paul Berthomieu. EDFI ElectriFI is very proud to support this dynamic organization and contribute to its future success.”