Sustainable energy company secures £5.6m worth of financing
MOPO, which specialises in sustainable energy solutions through pay-per-use battery rentals, has secured $7m/£5.6m funding from British International Investment (BII), a development finance institution and impact investor.
This will accelerate the expansion of Sheffield-based MOPO’s battery rental business in the Democratic Republic of Congo (DRC), a key growth market in MOPO’s roll-out strategy.
It is aimed at revolutionising access to sustainable energy for millions of households and businesses across both urban and rural communities in Africa who suffer from unstable or no grid infrastructure.
MOPO offers two types of battery rentals: the compact MOPO50, ideal for lighting, phone charging, and powering DC appliances, and the larger MOPOMax, designed to power larger 230V appliances, replacing petrol generators or serve as a battery swap solution for e-motorbike taxis.
Customers rent, return, and replace these MOPO batteries on a pay-per-use basis at MOPO’s solar-powered hubs, which are managed by local agents.
It enables families and small businesses to access affordable electricity without the need for costly upfront investments in equipment or the need for consumer debt burdens.
MOPO CEO, Chris Longbottom, said: “BII has acknowledged the significance of our innovative pay-per-use battery rental model.
“Our mission is to create a high-impact, sustainable solution that empowers households and small businesses by providing access to electricity without the burden of costly upfront equipment purchases.
“This partnership aligns perfectly with BII’s mandate to finance initiatives that drive social and economic development.
“Together, we aim to make clean, affordable energy accessible to those who need it most, fostering growth within the communities we serve.”
MOPO launched its operations in the DRC in quarter two 2024 and now operates across six cities.
The financing secured from BII’s Climate Innovation Facility is expected to enable MOPO to triple its service capacity in the DRC within the next 12 months.
It will help the company reach over a million people in DRC. Less than 17% of the DRC’s population currently has access to electricity.
Longbottom added: “We recently achieved a significant milestone, surpassing 23 million rentals across Sub-Saharan Africa, with the DRC emerging as one of our key growth markets.
“With a population exceeding 100 million and over 80% lacking access to electricity, the need in this country for our service is both compelling and substantial.”
Chris Chijiutomi, managing director and head of Africa at BII, said: “Imagine a battery, that can power everything from phones to fridges, lights and larger appliances, enabling businesses even in the most remote locations, to thrive when the supply of electricity is non-existent or unreliable.
“This is why backing energy access is a key priority for BII to drive sustainable economic growth, particularly in Africa’s frontier markets including DRC.
“By supporting innovative businesses like MOPO, we aim to create more early-stage solutions to address significant energy deficits across the continent.
Lord Collins of Highbury, UK Minister for Africa said: “This innovative partnership between British International Investment and MOPO demonstrates how UK expertise and investment can help unlock sustainable economic growth in Africa.
“By bringing reliable, clean energy solutions to households and businesses, we’re driving green development while creating opportunities for UK and African businesses alike.
“This is part of the UKs approach to working with African partners to tackle climate change and boost economic prosperity through smart, sustainable technologies.”
