Amped Innovation
- Country
- Nigeria
- Technology
- Solar PV
- Business model
- SHS
EDFI ElectriFI invested USD 4m from its global facility and USD 2m from the Nigeria Country Window to support Amped Innvovation, a social business developing a new generation of highly efficient Direct Current appliances such as televisions, cold-chain, water pumping and diesel generator replacement solutions that are affordable to low-income segments.
Contract signature date: September 2021
Total ElectriFI financing: USD 6 m
Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
About the project:
Amped is a US-based company designing, manufacturing and supplying solar home systems equipment to distributors in frontier markets. Amped designs high efficiency, lower cost solar home systems and appliances, with a specific focus on productive use equipment.
ElectriFI is supporting Amped Innovation’s initiative to develop new productive use appliances designed specifically for off-grid usage. Indirectly, ElectriFI’s investment supports creation of specialised SHS distributors across sub-Saharan Africa who can rely on Amped Innovation for all equipment supply. ElectriFI USD 6m revolving debt facility will fund the company’s working capital needs, allowing Amped to allocate its cash resources on general corporate purposes including research and development.
- Number of beneficiaries
- Annual output (MWh/y)
- GHG avoidance (tCO2eq/y)
Impact
- Beneficiary
- Amped Innovation
- Financing instrument
- Revolving working capital debt facility
- Amount
- USD 6m
- Countries
- Nigeria
- Technology
- Solar PV
- Business model
- SHS
- Year
- 2021
- Facility
- ElectriFI Global + Nigeria Country Window