SOLshare secures $2.2m funding, to expand solar power network
SOLshare, a climate-tech company based in Dhaka, has recently secured an investment of $2.2 million in Series A+ funding led by SBK Tech Ventures as part of a $4 million round, according to a press release.
The investment will allow the climate-tech startup to create a global network of smart distributed solar PV and storage assets at the nexus of energy and transport to increase renewables to the grid while putting more money into the pockets of five million electric three-wheeler drivers in Bangladesh, SOLshare said in the press release.
SOLshare is on the verge of developing the country's first Virtual Power Plant, the Rickshaw VPP, with the potential to buffer up to 30% of the country's peak grid load, reads the press release. This is a critical piece of the journey to net zero, it added.
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In addition, SOLshare has also forged a key partnership with Astrolabe supported by USAID and secured a €5.3 million grant from EU Horizon as part of a consortium to drive energy transformation in Africa, read the press release.
Sonia Bashir Kabir, managing general partner of SBK, commented, "We are excited about how SOLshare unfolds the value it brings to a climate-prone country like Bangladesh."
Sebastian Groh, managing director and CEO of SOLshare, commented, "At SOLshare, we believe that with SBK Tech's backing, we will transform electric vehicles from a grid burden into a valuable asset in Bangladesh & beyond. This shift will benefit millions of low-income electric three-wheeler drivers by increasing their earnings."
