Amped Innovation
- Country
- Burundi
- Technology
- Solar PV
- Business model
- SHS
ElectriFI invested USD 4m from its global facility and USD 2m from the Nigeria Country Window to support Amped Innovation. Through the Burundi Country Window, ElectriFI announced an additional commitment of USD 1 million in August 2023. AMPED Innovation is 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 4 m global facility + USD 2 million Nigeria CW
Contract Burundi CW date: August 2023
Total funding: USD 1m
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.
Through the Burundi Country Window, ElectriFI announced an additional commitment of USD 1 million to AMPED Innovation in August 2023. This transaction involves a revolving Working Capital Facility (WCF) to co-finance AMPED orders for solar home systems, which will be deployed in Burundi through a network of local distributors. The primary objective of this initiative is to provide clean and reliable energy solutions to over 3 000 Burundian households, significantly contributing to improving energy access in the country.
- Number of beneficiaries
- 500 000
- Annual output (MWh/y)
- GHG avoidance (tCO2eq/y)
Impact
- Beneficiary
- Amped Innovation
- Financing instrument
- Revolving working capital debt facility
- Amount
- USD 4m global, USD 2m Nigeria CW + USD 1m Burundi CW
- Countries
- Nigeria, Burundi
- Technology
- Solar PV
- Business model
- SHS
- Year
- 2021 - 2023
- Facility
- ElectriFI Global + Nigeria Country Window + Burundi Country Window