• MOPO secures $6.7M from Norfund for solar battery expansion

• Company records 28M rentals, active in six African countries

• Model offers clean, pay-as-you-go energy alternative to diesel

MOPO, a company specializing in solar battery rentals in Africa, announced on Tuesday, September 2, that it has secured a £5 million (approximately $6.7 million) investment from Norfund, the Norwegian development finance institution. The deal underscores growing interest from international investors in a model that appeals to both households and small businesses due to its simplicity and scalability.

In less than a year, MOPO has attracted three major players. In January 2025, British International Investment (BII) committed $7 million to accelerate its expansion in the Democratic Republic of Congo. In June, Octopus Energy also invested in the company to support the model's deployment across multiple countries. The arrival of Norfund in September illustrates a snowball effect, where each new investor validates the model and attracts others. The specific terms of these funding rounds were not disclosed.

The company operates on a pay-as-you-go system. Its portable MOPO50 and MOPOMax batteries are recharged at solar hubs managed by local agents, then rented out to customers. MOPO claims to have recorded more than 28 million rentals since its inception, with a growth of nearly 300% in one year. The company is currently active in Nigeria, the Democratic Republic of Congo, Sierra Leone, Liberia, Chad, and Uganda.

For Norfund, the interest is two-fold. The fund aims to contribute to clean energy access while supporting a viable commercial solution. “MOPO has demonstrated innovation in its offerings, providing climate-friendly solutions that improve energy access in particularly challenging markets. We are proud to support MOPO’s ongoing expansion and its efforts to bring sustainable energy,” said Pål Helgesen, Norfund's Investment Director.

An estimated 600 million people in Africa lack access to electricity, while the diesel generator market, which MOPO intends to compete with through its MOPOMax product, is valued at approximately $75 billion annually. By offering a debt-free alternative for households and small businesses, the company is positioning itself as a disruptive player in a sector still largely dominated by fossil fuel-based solutions.

Abdoullah Diop