SOLshare as a climate-tech company based in Dhaka, has successfully secured $2.2 million in Series A+ funding, led by SBK Tech Ventures. This funding is part of a larger $4 million investment round aimed at expanding SOLshare’s innovative solar power network, according to a press release from the company.
The newly acquired funds will enable SOLshare to develop a global network of smart distributed solar photovoltaic (PV) and storage systems. These systems are designed to integrate seamlessly at the intersection of energy and transport, significantly boosting the contribution of renewable energy to the national grid. This initiative is poised to benefit approximately five million electric three-wheeler drivers in Bangladesh by increasing their income, as outlined in the press release.
A cornerstone of SOLshare’s expansion is the development of Bangladesh’s first Virtual Power Plant (VPP), known as the Rickshaw VPP. This ambitious project has the potential to buffer up to 30% of the country’s peak grid load, marking a crucial step towards achieving net-zero emissions. In addition to the funding, SOLshare has announced a strategic partnership with Astrolabe, supported by USAID. The company has also secured a €5.3 million grant from the EU Horizon program as part of a consortium aimed at driving energy transformation in Africa.
Sonia Bashir Kabir, Managing General Partner of SBK Tech Ventures, expressed her excitement about the impact of SOLshare’s work in a climate-vulnerable country like Bangladesh. “We are thrilled about how SOLshare is leveraging its technology to bring substantial benefits to the local community,” she commented. Sebastian Groh, Managing Director and CEO of SOLshare, highlighted the transformative potential of the investment. “With the backing of SBK Tech, we aim to turn electric vehicles from a grid burden into a valuable asset. This transformation will significantly boost the earnings of millions of low-income electric three-wheeler drivers in Bangladesh and beyond,” Groh stated.
The funding and partnerships position SOLshare at the forefront of the renewable energy sector, driving innovation and sustainability in Bangladesh and potentially across other regions.
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