Yellow partners with EEGF for Series B equity round to expand clean energy and internet connectivity in Africa
Yellow, a company dedicated to making energy and internet connections in Africa more accessible and affordable, has announced its partnership with Energy Entrepreneurs Growth Fund (EEGF) for its Series B equity round. This collaboration with EEGF, through Triple Jump B.V., will help Yellow to continue expanding and providing reliable clean energy and internet connectivity products to hard-to-reach customers across the African continent, according to the company.
Yellow: Serving over 360,000 people
Yellow has already served over 360,000 people in Malawi, Rwanda, Uganda, Zambia, and Madagascar, with its sales growing by over 250% each year. Its solar products have also helped to cut over 500,000 metric tons of CO2 emissions. Furthermore, Yellow has achieved success in smartphone banking.
Excited about the partnership, Yellow’s founder and CEO, Michael Heyink, said, “This investment will help Yellow move faster toward its goal of giving some of the world’s hardest-to-reach consumers easy access to affordable clean energy and internet connectivity products.”
Custom solutions for growing energy businesses
EEGF provides equity, debt, and mezzanine instruments to help growing energy businesses obtain custom solutions that meet their changing needs. Its fund life of 12 years gives investors and enterprises in developing economies more time to hold on to their investments and benefit from support.
Helping Africa access clean energy
Mark van Doesburgh, the deputy head of Triple Jump’s direct investments team, believes that this move will help East and Southern Africa gain greater access to clean energy. Yellow’s unique technology-enabled and system-driven method has already helped many people in Africa. This partnership with EEGF is a major step in Yellow’s journey to give more African people access to cheap energy and the internet.
Investing in businesses for positive impact
EEGF has the goal of helping more than five million people, including more than 240 companies run by women and preventing 4.5 million tons of greenhouse gas emissions. The fund is committed to investing in new ways to solve important global problems and creating value for stakeholders in developing economies.
The investment will help Yellow attract customers who want to invest in products that improve their lives in the long run.
Green energy projects and investments in the MENA region are expected to reach USD 879 billion by 2026, according to a report by the Arab Investment Corporation, Apicorp.