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EDFI ElectriFI is injecting a $ 6 million revolving working capital facility to Amped Innovation, a company that designs and supplies high-efficiency, low-cost solar home systems (SHS) and home appliances to distributors around the world.
$ 4 million will come from EDFI EectriFI’s global facility and $ 2 million from Nigeria Country Window.
Amped Innovation focuses on solar equipment with integrated pay-as-you-go functionality such as high-performance lighting, televisions, cold chain devices and DC-AC inverters. The company’s products provide high-quality, reliable technology solutions that are also affordable to low-income segments of the population.
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Amped Innovation has been recognized through a number of technology awards; its solar water pump and solar refrigerator were named finalists for the Global LEAP Awards in 2019, and it received a $ 219,000 R&D grant from Efficiency for Access for its continued innovation in off-grid refrigerators.
Natalia Svarinska, Senior Investment Officer ElectriFI at EDFI Management, explained: “This working capital facility is the first instrument of its kind offered by ElectriFI. By funding Amped Innovation’s working capital needs, our debt financing will allow the company to use its cash resources for research and development and other business needs.
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EDFI ElectriFI is working with the government and the EU Delegation in Nigeria to accelerate access to renewable energies in the country. Amped has also benefited from the advisory and facilitation services of the European GET.invest program.
Andrea Kleissner, co-CEO of Amped Innovation, said: “EDFI’s working capital facility will accelerate Amped’s deployment of energy access solutions in more than 20 countries in Africa and Asia. from the South East.
“With each new customer order, Amped can rely on the EDFI system to finance inventory purchases. This availability of cash is critical – smoothing cash flow just when it’s needed in the manufacturing production cycle, â€Kleissner concluded.
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