Pay-to-own Solar Energy System Doubles Off-Grid Customer Base in Just 12 Months

Fenix International reaches 100,000 customers as part of Africa’s infrastructure revolution

KAMPALA, UGANDA – January 23, 2017 – Fenix International, a venture-backed technology company providing a next generation energy solution, has reached 100,000 customers in Uganda. This figure stands at double the 50,000 customers Fenix had 12 months ago, and comes just over two years after the company celebrated its 10,000th customer in 2014.

 

Its flagship solar power system, ReadyPay Power, is generating radical access to energy in Uganda where over 80% of people lack access to electricity: roughly 600,000 people in Ugandan households are now benefiting from the 1.2 million watts of solar installed across the country.

 

In addition, Fenix estimates that more than 200,000 dangerous and polluting kerosene lamps have been displaced by their product. With an estimated $23 billion spent per year on kerosene, the company’s battle against ‘dirty light’ will continue to bring safe, affordable power to the millions who live off-grid.[1]

 

Fenix’s business model uses a pay-to-own payment plan. Customers pay just $0.15 per day for the entry level product, with 36 months to complete payment for the entry level $160 solar home system. This inclusive price point is the most affordable pay-to-own home solar system in Uganda and is key to the company’s scale in a country where the average salary is less than $2/day.

 

Lyndsay Handler, CEO of Fenix International, said: “Since we started selling ReadyPay on the pay-to-own model in 2014, we’ve seen exceptional demand. I’m incredibly proud of our team, who’ve worked hard to
reach last mile customers in this underserved market and relentlessly provide an exceptional customer experience.”

 

“Arriving at 100,000 customers showcases our fantastic growth record, but more importantly it represents more than 600,000 Ugandans who now have power and bright, safe light in their homes for the very first time. In addition, all of our off-grid customers build up a credit score, opening up new access to financial services and additional product upgrades.”

 

Hitting the 100,000 customer milestone brings the total of solar leases deployed by Fenix to over $20 million. ReadyPay works by unlocking access to the battery as soon as a customer makes a micro instalment which are facilitated by MTN Mobile Money.  Fenix’s unique partnership with MTN, Africa’s largest telecom, has seen customers generate over 2.5 million mobile power payments so far.

 

Building on a robust financing model, a high-quality product, and utter commitment to exceptional customer experience, Fenix is now poised to take ReadyPay and additional product lines to new African markets in the coming year.

[1] http://www.enlighten-initiative.org/portals/0/documents/Resources/publications/OFG-publication-may-BDef.pdf

 

 

Fenix International Hits 60,000 in Solar Leases, Totaling $11M

New World of Financing Opens Up for Ugandans

SAN FRANCISCO, CA – April 25, 2016 – Fenix International, the largest provider of off-grid home solar in Uganda, announces that it has signed over 60,000 leases for its product, ReadyPay Power, since January 2014. The leases, totaling $11 million in value, have brought an estimated 300,000 Ugandans power for the first time and each lessee their first line of credit.

 

Ugandans, living on an average of less than $2/day, make only a small deposit to take home their approximately $200 solar system. Customers then pay off the remaining cost in affordable installments via Mobile Money over 18-24 months until they own the system outright. Fenix’s innovative hardware and software enable the company to lock the solar system if customers fail to make payments. The company receives and processes over 120,000 payments per month, and a total of $5.7 million has been paid back through 1.4 million payments.

 

“Our success to date demonstrates the incredible demand for ReadyPay and the robustness of our financing platform,” said Lyndsay Handler, CEO of Fenix International. “First, we are bringing clean, affordable power to replace expensive and dangerous kerosene lanterns. Second, customers build a credit history that allows us to provide additional financing for solar system upgrades and other life-changing products and services.”

 

Fenix partners with MTN, Africa’s largest telecom, to sell and distribute their ReadyPay Power systems, and with foreign investors to finance their leases. The company is expanding rapidly and investing in growing its customer base, product portfolio and market reach in 2016.

 

 

Fenix International Raises $12.6 Million in Financing

 

Investment Enables Fenix International to Increase Production and Distribution of ReadyPay Solar Systems in Africa; Device Empowers Mobile Communications and Economic Development in Off-grid Areas

SAN FRANCISCO, CA, JAN. 26, 2015 – Fenix International, a next-generation renewable energy company working in emerging markets, announced today that it has closed $12.6 million in Series B and working capital financing. Fenix International partners with global telecom companies such as MTN, Orange and Vodafone to supply mobile-enabled solar systems to off-grid African communities. Fenix aims to enhance quality of life for people who lack access to energy, communications, or the credit necessary to make such purchases.

This funding round includes investments from GDF Suez, Schneider Electric, Orange France Telecom, clean tech entrepreneurs Tom Dinwoodie and Warner Philips, and other impact investors. Fenix International, headquartered in Silicon Valley with offices in East Africa, designs, manufactures and distributes ReadyPay Solar, a mobile payment-enabled solar panel and smart battery, which empowers farmers and other rural residents with convenient, affordable access to clean electrical power. ReadyPay eliminates the need for dirty and dangerous diesel generators, candles and kerosene lamps that cause millions of fires and burns every year. Customers can charge their cell phones, run businesses after dark, and study using clean, bright LED lights connected to the solar-powered kit.

“Fenix’s mission –to deliver improved quality of life to the 1.3 billion people who live without power in developing nations– is both inspiring and achievable,” said solar industry pioneer and clean tech investor Tom Dinwoodie. “Fenix International’s dedicated team has reached impressive milestones. ReadyPay Solar is in use in thousands of villages, helping tens of thousands of families modernize their homes and businesses with clean electricity, all for less than the cost of fossil fuels.”

“ReadyPay Solar is an innovation at the intersection of renewable energy, mobile communications and microfinance that empowers East Africa residents to light their homes, grow their businesses and improve their quality of life,” noted Fenix International founder and CEO Mike Lin. “Before ReadyPay, a solar energy system would cost a farmer more than a third of her annual income, but now she can finance clean, reliable electricity with her cell phone, by making micro-payments as little as $0.35 per day. This most recent infusion of capital will enable us to accelerate production and provide our breakthrough technology to even more communities throughout Africa.”

“GDF SUEZ Rassembleurs d’Energies corporate impact investment fund finances economically feasible and sustainable innovations that deliver a positive social and environmental impact, while creating local jobs. Fenix International’s ReadyPay Solar solution is fully in line with our mission of providing sustainable energy access to low income populations excluded from reliable energy services,” said Gerard Mestrallet, Chairman and CEO of GDF SUEZ.

Jean Pascal Tricoire, Chairman and CEO of Schneider-Electric, said, “At Schneider Electric, we are convinced that the alliance of technology and innovative financing such as impact investing will be a major contributor to development through access to energy. We believe that Fenix International will be instrumental in this field and we are very proud that our Social Impact Fund (SEEA) participates to their development.”

“With more than 600 million off-grid mobile connections globally, Orange Fab is very pleased to be working closely with Fenix International, an Orange Fab Accelerator alumni, to power these subscribers, improving their access to communications and the internet,” said Georges Nahon, CEO of Orange Silicon Valley and President of Orange Institute.

 

About Fenix International:  Founded in 2009, Fenix International (www.fenixintl.com) is a venture-backed renewable energy company with offices in East Africa and Silicon Valley. With core expertise in power electronics, product design and rural sales and marketing, Fenix’s mission is to deliver quality of life to the 1.3 billion people who live without power in emerging markets. Fenix is a grant recipient from the Africa Enterprise Challenge Fund and from the GSMA Mobile for Development Foundation, Inc. (GSMA Foundation), which, in turn, received its funding by UK aid from the UK Government. The views expressed are not necessarily those of GSMA Foundation or the UK Government.