Mitsubishi has invested £40 million in British

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  • 28 Aug 2019 12:00 AM
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Mitsubishi Invests in UK Company to Bring Off-grid Solar to Asia

A British energy firm, BBOXX, has secured a £40 million deal with Japanese automotive manufacturer Mitsubishi to provide solar power in Asia. BBOXX currently provides pay-as-you-go solar power to homes in Africa, operating around 270,000 solar systems that are paid for monthly by customers. The funds from Mitsubishi will help BBOXX to break into Asia and new African markets, where an estimated one in three people live without reliable access to electricity. Mansoor Hamayun, BBOXX’s chief executive and co-founder, said Mitsubishi’s “extensive reach” and “technological expertise” would help the company to supply more people living without access to modern utilities and services. The falling cost of solar technology and the strength of mobile banking across Africa have encouraged major investments from global energy companies including US giant General Electric and France’s EDF and Engie.

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