• Solar-as-a-service provider ecoligo closes €10 million funding round from FRV-X.
• Investment enables ecoligo to provide solar energy to more companies in emerging markets and take on the climate crisis through accelerated growth.
• Collaboration expands access to clean power and contributes to global democratization of the energy transition.
Berlin, October 17th 2022
Impact investment provider ecoligo, a leader in revolutionizing the energy landscape in emerging markets, has successfully closed its €10 million Series A funding round. New investor is FRV-X, venture division of Fotowatio Renewable Ventures (FRV), a world leader in the development of sustainable energy solutions and part of Abdul Latif Jameel Energy.
FRV develops and operates renewable energy projects worldwide and seeks to continue leading the global transition to a more sustainable energy future. FRV has evolved from being a developer to becoming an independent power producer (IPP), aiming to be the world’s leading green energy infrastructure platform. With this investment, FRV is expanding its portfolio to include the commercial and industrial customer segment through ecoligo’s work. So far, FRV has a pipeline of more than 10 GW around 5 continents, including PV Plants, Wind, BESS, Hybrid and Green Hydrogen, and every year helps to avoid more than 1 million tonnes of CO₂ being released into the atmosphere.
Global energy transition is being decided in emerging markets
Since 2016, ecoligo has been implementing energy-as-a-service projects financed by retail investors who are interested in both impact and return on investment using a digital platform initiated by ecoligo. The solar plants supply companies relying on fossil energy sources with more affordable and sustainable, clean electricity produced in-house. To date, ecoligo has implemented 169 projects with a total output of 82.4 MWp – more than all the PV plants in Hamburg1. The projects are implemented in emerging markets on three continents so far, where energy demand is quickly rising compared to major industrialized nations. The success of the global energy transition will be determined by whether emerging nations are considered. However, there is a funding gap for solar projects in these countries making access to financing from traditional sources more difficult, which is why ecoligo offers a full-service solution including planning, construction, maintenance, and financing of the plants through retail investors.
ecoligo and their community of private impact investors are actively protecting the climate, the projects signed so far are going to measurably contribute to CO₂ savings of more than 1 million tonnes.
FRV-X and ecoligo leverage synergies to scale sustainable energy together
10 million euros will serve ecoligo’s further expansion and the development of its own digital investment platform
ecoligo will use the investment sum to continue to grow sustainably, to expand existing markets, and effectively drive forward the global energy transition.
In addition, ecoligo intends to further develop its digital impact investing platform and offer the opportunity to invest in its projects in more countries.