In a news report by TechCabal, Bboxx, a London-headquartered cleantech startup that provides clean energy in Africa, has reportedly acquired Ghanaian-based PEG Africa in a deal worth $200 million, according to two insiders close to the story.
Bboxx was founded in 2010 by Mansoor Hamayun, Christopher Baker-Brian, and Laurent Van Houcke to bring electricity into homes across Africa through an affordable pay-as-you-go renewable energy supply. The company has since added clean water and clean cooking to its line of offerings. According to our source, Bboxx has helped more than 5 million people access clean energy.
According to one source, Bboxx’s overarching ambition is to become one of the biggest next-generation utility companies in the world. Since Africa is a significant focal point—followed by Asia, which it has expanded into—Bboxx is ready to consolidate its position by merging with or acquiring existing energy startups.
Bboxx is currently present in 7 African countries—Burkina Faso, Nigeria, Rwanda, DR Congo, Togo, Guinea, and Kenya and has raised $50 million from its most recent Series D round.
PEG Africa was founded in 2013 and provides a pay-as-you-go alternative to electricity to over 700 million Africans without access to electricity. The business started in Ghana and has expanded into Mali, Senegal, and Ivory Coast. It has collectively served more than 2 million people and raised $65 million in funding.
This story will be updated once the announcement has been official.
Story credit: TechCabal
