GOGLA has launched the call for applications for the 2nd cohort of ELEVATE, an investor readiness program that complements the GET.invest Finance Readiness Support, a service of GET.invest, a European program that mobilizes investments in renewable energy supported by the European Union, Germany, Sweden, the Netherlands, and Austria.
ELEVATE aims to support active locally-owned and managed companies in the off-grid solar sector to bridge the gap between African companies and international networks and financiers, and enhance their investor readiness. It will offer a specialized suite of technical expertise that will accelerate the companies’ ability to reach rural homes and businesses with life-changing solar electricity.
What is included in the program?
- Access to tailored virtual training on strategy and measurement for growth product improvement, business and management operations, innovation and scaling.
- Access to curated tools, including an investor guide to better navigate the financing landscape.
- Access to the BRIDGE LIVE webinars connecting off-grid solar industry leaders with peers and strategic advisors to help them thrive
- Access to investor-focused events such as the 2024 Africa Energy Indaba and the Global Off-Grid Solar Forum and Expo.
- Subsidized GOGLA membership for the next two years for a select number of companies.
Why is this initiative important?
Off-grid solar provides the fastest and most affordable way to bring clean energy access to 55% of almost 600 million people still unelectrified in sub-Saharan Africa. Yet, whilst energy access is a chronic challenge across the continent, African off-grid solar companies have a particularly hard time accessing the necessary funds to support their growth and their capability to serve their customers.
What were the results from the first cohort?
The 20 companies selected for the first edition of ELEVATE had presence across East, Central, South and West Africa, strong female representation and covered a range of technologies from solar home systems to commercial, industrial and agricultural solutions. Many of them included PAYGo solar to offer a more affordable payment alternative to customers who cannot afford a cash payment for the products they need.
- 90% of participating companies consistently met their business targets since joining the program
- 60% successfully generated a high potential pipeline of investors, and are highly likely to close investment deals
- Participants have raised almost $1 million in capital
“ELEVATE is an amazing initiative which has opened not only the much-needed funding resources for the growth of Natfort Energy, but also facilitated the forging of priceless relationships with like-minded entrepreneurs from across Africa. Through partnerships created through ELEVATE, Natfort Energy is well poised to implement the next generation business model for productive use solar for small businesses,” commented Kudzi Chitiva, CEO and Founder of Natfort Energy from Zimbabwe (1st cohort of ELEVATE).