Energy
Friday, September 9th, 2022 7:45 am EDT
Bboxx, a super platform on a mission of transforming lives across Africa and unlocking potential through providing access to essential products, has just acquired PEG Africa. PEG Africa is a Pay-As-You-Go (PAYG) financing company in West Africa, operating in Ghana, Ivory Coast, Senegal, and Mali. PEG has provided credit for useful and productive assets to one million underserved people. Its work helps customers gain ownership of assets that they would not otherwise be able to afford.
When Bboxx started over a decade ago, it mainly focused on tackling energy poverty. Energy poverty is a very serious problem in many places around the developing world. For example, the IEA’s Africa Energy Outlook 2022 shows us that there is still a lot of work to be done on the African continent to achieve universal access to affordable, reliable, sustainable, and modern energy. 600 million Africans still lack access to electricity. Although 18% of the world’s population live in Africa, less than 6% of global energy use is from Africa. More than 970 million people still do not have access to clean cooking. Yes, almost 1 billion people on the continent lack access to clean cooking. Wood fuel, waste, and charcoal burned in three‐stone fires are still the dominant energy sources for cooking on the continent.
As its business evolved, the company saw that access to essential products and services through data-powered logistics and innovative financing methods is what individuals, businesses, communities, and nations need to unlock their own potential and drive sustainable economic activity. People in many developing countries still lack access to other essential services such as safe water, clean cooking (3 billion people), and financial services. 1.7 billion adults remain unbanked. Bboxx then developed a platform which is made up of two key pillars: Bboxx Pulse, Bboxx’s proprietary fully integrated operating system, and an extensive on-the-ground network to provide sustainable access to these essential products and services. Bboxx Pulse enables financing over long-term Pay-As-You-Go plans, reducing the barriers for adoption.
Bboxx now offers households, businesses and communities a convenient and affordable way to access to more life-changing solutions, through data-powered logistics and innovative financing methods. Some of Bboxx’s products include:
The bPower50, a Plug and Play’ Solar Home System, for the rural off-grid customers that typically use candles and kerosene lamps.
The bPower50 comes in two configurations, 12.8 V, 9.9 Ah LiFePO4 battery (up to 110 Wh usable daily energy) and a 12.8 V, 13.2 Ah LiFePO4 battery (up to 150 Wh usable daily energy)
Solar Powered Water Pumps in partnership with SunCulture. These pumps are combined with Bboxx’s PAYG model as a solution to bring access to water and help farmers to generate additional revenues through increase productivity. The packages comes with a 300W solar panel, 1 controller, and a RM2S pump. Max flow of 1.1m³/H, works best at max 40m depth, and are an optimized irrigation solution for a 0.5 – 1 acre farm.
Bboxx is expanding and scaling by forging strategic partnerships with governments and world-class corporates to provide access to any products and services to rural and urban customers across Africa. In line with this strategy, Bboxx is cementing its market position by acquiring solar energy frontrunner PEG Africa. The acquisition strengthens Bboxx’s position as the leading super platform for essential products and services in Africa, providing clean energy, clean cooking, mobile phone technology, and accessible financial products to 3.5 million people. The deal gives Bboxx access to new markets in Senegal, Ivory Coast, Ghana, and Mali, bringing total operating markets to 10 countries. Bboxx will benefit from PEG Africa’s operational and credit experience, while PEG customers will gain access to new products, services, and digitalization with Bboxx Pulse.
PEG is a solar energy pioneer in West Africa and has one of the broadest footprints in the region with operations in four countries, close to 100 service centers, and over 500 employees. The acquisition will help transform the continent’s utility sector by making Bboxx and its group of companies the largest network in Africa for utility services for underserved communities. To date, Bboxx has provided more than 2.5 million people with access to clean energy and other products. Following the acquisition, Bboxx will have over 250 shops and 4,000 staff, positively impacting the lives of 3.5 million people in 10 operating markets across Africa. The combined customer payments received for Bboxx’s expanding range of products are expected to total more than two million payments per month or about one per second, making it one of the largest digital payment platforms in Africa. PEG has expanded rapidly across West Africa, reaching one million people with its solar home systems (SHS) in Senegal, Ivory Coast, Ghana, and Mali. Through the acquisition of PEG, Bboxx consolidates its position as a leading source of clean energy solutions in Africa, with over 35 MW of installed solar capacity.
Welcoming the deal, Mansoor Hamayun, CEO and Co-Founder of Bboxx, said:
“We founded Bboxx 12 years ago with the goal of transforming lives and unlocking potential of billions of underserved customers through access to essential products and services, including clean energy, clean cooking and financial services. While we have made great strides in this mission, there is still plenty more to do. In West Africa alone, there are over 150 million people with no access to electricity. By gaining access to new markets and utilising PEG’s impressive operational experience, we will strive to change that.
“PEG’s founders, Hugh and Nate, have built an exceptional company that has changed a million lives for the better. Their dedicated team, great customer service and focus on the customer experience will only make Bboxx stronger as we come together to continue to drive economic development across Africa. I am delighted to be bringing PEG into the Bboxx family.”
Hugh Whalan, CEO and Co-Founder of PEG Africa, said “We have built a pioneering energy provider in West Africa and have been extraordinarily lucky to do it with a group of remarkable people who are passionate about making a positive impact in the world. We look forward to having even greater impact with the bigger scale that is achieved through joining forces with Bboxx.”
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