German firm Ecoligo raises €10 million to provide solar energy in emerging markets

German company Ecoligo has raised €10 million to provide solar energy to companies in emerging markets in different countries.

The latest move comes as its plan to democratize the energy transition on a global scale.

Ecoligo is an impact investment provider which implements solar-as-a-service projects in countries including Kenya, Vietnam, and Chile. The company implements PV systems in buildings to enable companies to access sustainable sources of energy, it said.

According to Ecoligo, it offers a full-service solution including planning, construction, maintenance, and financing of the plants through retail investors.

The latest projects are excepted to contribute towards saving an estimated 1 million tonnes of carbon emissions.

As per the company statement, the €10 million Series A round was led by new investor FRV-X. With this, it is planning to expand its portfolio to include the commercial and industrial customer segments through Ecoligo’s work.

Felipe Hernandez, Chief Innovation Officer at FRV-X, remarked, “With its focus on commercial and industrial facilities, Ecoligo perfectly complements our activities in the field of large-scale solar farms.”

Meanwhile, Martin Baart, CEO of Ecoligo GmbH was quoted, “With FRV-X we have found the perfect partner to enable even more companies in emerging markets to access clean energy. Through the alliance, we will not only be able to grow even more, but offer more people the opportunity to contribute to the global energy transition through private investment.”