IIX Global announces $1.66 million investment in SOLshare

October 26, 2018

IIX Global, a Singapore-based organisation, has invested $1.66 million in SOLshare, a Bangladesh-based off-grid solar energy firm. The investment has been made under the Series A round from the IIX Growth Fund and is the organisation’s first investment in Bangladesh. The fund is backed by a consortium of investors such as innogy New Ventures LLC (the venture capital investment arm of the German utility firm innogy SE) and Portuguese utility firm ED. SOLshare is working towards developing a peer-to-peer solar electricity trading platform for off-grid households and the funds will be used to increase access to clean energy for over 19,000 rural households. Moreover, the investment will enable 14,000 micro-entrepreneurs and reduce carbon emissions by 2,200 metric tonnes by 2021. Till date, the company has installed around 5 million solar home systems.