Pay-As-You-Go Solar Company, Ignite Power, Connects African Continent to Electricity
Published on Solomon Mines IGNITE POWER, enables millions of consumers across Africa to enjoy the benefit of electricity via solar power rental, commencing from only $4 per month. Consumers receive the panels for free and by a ‘membership subscription model’ pay-off usage and offset the costs of the panels. Ignite Power is looking to connect 100 million people to electricity across 8 countries in the next few years and is seeking capital for expansion. For 1.2 billion people, 14% of the world’s population, electricity does not set the daily routine as they live without any forms of power. Concentrated mostly in Africa and South-East Asia, entire communities face continuous daily challenges. This reality presents the greatest investment opportunity of our time, with tremendous potential for both extremely high revenues and a massive impact on the lives of millions. IGNITE POWER was founded by entrepreneurs Yariv Cohen and Angela Homsi. Homsi is an experienced investor in leading investment firms such as Generation Investment and Microvest, while Cohen has extensive experience in building businesses in developing countries, and previously served as President of Camco - a company that develops various renewable energy technologies. After meeting with Rwanda’s President, Paul Kagame, Cohen realized the enormous potential of the African market. "During the meeting, I realized the huge need to find energy solutions that could support large numbers of users,'' he says. “knowing everything about solar energy technology and the business models behind it, we realized we can establish a business that will generate tremendous revenues, all the while having a very positive impact on the world".
The solution provided by Ignite Power is simple but specifically tailored to its customers everyday life across the continent. The company focuses on the most remote rural communities of Africa, where a connection to the national grid will take years of work and billions of dollars, two scarce resources. The company utilizes another, much more accessible, affordable resource: sunlight. Ignite’s agents install unique solar panels on the homes of the customers, each device provides several hours of power per day, sufficient to operate 5 electric bulbs, a small radio, and a cellphone charger. (...)
The company first established operations in Rwanda, where it is already provided more than 700,000 people with solar systems, over a 2-year span, making it the fastest-growing solar provider in Africa. It has since expanded and is currently operating in 5 different countries across the continent, providing electricity to over one million people. Earlier this year, Ignite announced another agreement, this time with the government of Mozambique, to provide 1.8 million people in the country (1.2 millions of whom are children) with electricity. Cohen is convinced that this is just the beginning: "There are hundreds of millions of people living without access in Africa today, and we want to provide electricity to at least 100 million of them over the next few years." Read the full article on Solomon Mines website