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SolarNow raises two million Euros from Novastar Ventures and Acumen Fund
October 10, 2014
SolarNow, a company that provides a range of modular 50-500W solar home systems and DC appliances, primarily to customers in rural Uganda, has closed an equity funding round with Novastar Ventures and Acumen.
The funding will help SolarNow lay the groundwork for their renewable energy asset finance and distribution in East Africa. With the investment, SolarNow hopes to expand its branch network, upgrade its Management Information System, and invest in research and development.
In a press release, Andrew Carruthers of Novastar Ventures said, “We are impressed by SolarNow’s well-developed distribution network as well as the quality of equipment and service they provide. They raise the bar for low-income customers in terms of affordability, reliability and service guarantees. We look forward to working with them to scale rapidly into this poorly served market.”