Yorkshire technology firm MOPO has secured a £5m investment from a fund backed by the Norwegian government.
The company is aiming to revolutionise access to sustainable energy for millions of households and businesses across both urban and rural communities in Africa, many of which suffer from unstable or limited electricity infrastructure. The company offers battery rentals for lighting, phone charging and powering DC appliances, as well as for larger appliances.
The Sheffield firm has secured the backing from Norfund, the Norwegian Government’s international climate related fund. The company has already been supported by Octopus Energy and British International Investment (BII).
MOPO said the new investment gave it a mandate to “create jobs, improve lives, and support the transition to net zero in developing countries”. It currently operates in Nigeria, DRC, Sierra Leone, Liberia, Chad and Uganda, where more than 28m rentals have already been completed.
MOPO CEO Chris Longbottom said: “We’re delighted to welcome Norfund as the latest major investor to join the MOPO journey. This is a strong signal that our model, combining impact, innovation, and commercial return, is working.
“With Octopus and BII already behind us, Norfund’s support reinforces the belief that MOPO is a standout solution to the clean energy challenge. Demand is growing fast across Sub-Saharan Africa, and this investment will help us scale even faster to meet it.”
Pål Helgesen, investment director at Norfund, said: ““We are excited to share that Norfund has invested £5m in MOPO. MOPO has demonstrated innovation in its offerings, providing climate-friendly solutions improving energy access in underserved areas in particularly challenging markets. Norfund is delighted to back MOPO’s ongoing expansion and its efforts to bring access to sustainable energy to those who need it most.”
Earlier this year, MOPO secured £1m in funding from Innovate Ƶ to expand its generator replacement MOPOMax pay-per-use battery rental business in Nigeria. It was one of six companies to secure part of £4.8m funding for the ZE-Gen Demonstrators from the Department of Energy Security and Net Zero.
