Azuri Technologies secures $26mn equity investment

Azuri Technologies, a pay-as-you-go solar solutions firm, recently announced a major milestone with a $26 million equity investment from Japan's Marubeni Corporation, along with participation from existing shareholders. Sneha Shah, the General Manager of Azuri Technologies in East Africa, shed light on the company's growth and strategic plans during a recent interview with CNBC Africa. Shah highlighted the significance of the equity investment from Marubeni Corporation, which now stands as the company's largest shareholder. Azuri Technologies, initially backed by the UK-based venture capital firm IP Group PLC, has been in operation for seven years, serving a customer base of over 200,000 users. The recent investment not only underscores the maturity of the pay-as-you-go solar sector but also positions the company for accelerated growth in the African market. When questioned about Marubeni's decision to invest significantly in Azuri, Shah explained that the equity infusion allows for greater scalability and risk-taking in the solar sector. While debt funding has aided the company previously, equity investments provide a unique opportunity for growth and partnership with entities like Marubeni, known for their involvement in large-scale power projects across Africa. Azuri Technologies differentiates itself from competitors through its innovative product offerings and manufacturing processes. Unlike many players who source products from China, Azuri manufactures its solutions in Malaysia through a Swiss contract manufacturer renowned for quality production. The company's strategic partnerships, including collaborations with multinational corporations like Unilever, set them apart in the market. The $26 million investment will fuel product development, supporting initiatives such as a solar irrigation water pump pilot in Uganda and expansion into new territories. Azuri Technologies targets strategic markets in East Africa, Zambia, and Nigeria, where they recently launched a partnership with the largest bank in the country. As the company expands its footprint, local talent development and job creation remain key focus areas, with over 5,000 individuals currently employed in various roles related to Azuri's offerings. Looking ahead, Azuri Technologies aims to not only provide cutting-edge solar solutions but also create significant value in the markets they serve by empowering local players and fostering economic growth. Through a combination of product innovation, strategic partnerships, and a commitment to sustainable development, Azuri continues to lead the way in bridging the energy gap and illuminating homes across Africa.