Solar flare at BBOXX with $1.9m

BBOXX, a solar power startup of Imperial College London (ICL), has received $1.5m from venture capitalist Vinod Khosla through his personal fund, Khosla Impact, as well as securing $400,000 from Synergy Growth.

The investment will be used to assist BBOXX in achieving its goal of bringing electricity to 20 million people in the developing world by 2020. It will be used through the company’s supply chain, incluyding design, manufacturing, and distribution.

Formed in 2010, BBOXX, which operates in 14 countries across Asia and Africa, is a spin-out of ICL’s student-led university charity e.quinox.

Mansoor Hamayun, BBOXX CEO, said: “This investment represents a new level of maturity for BBOXX. When my co-founders and I launched the company, we saw more than just a product; we envisaged a service. We saw the potential in solar to provide a clean, sustainable and cost-effective energy solution with the power to change lives in the developing world. Our new partnership with Khosla Impact and Synergy Growth is the next step on our important journey, and one that will have a significant and disruptive impact on the solar energy industry across many of the world’s emergent nations.”

Kholsa added: “The BBOXX team shows what is possible when entrepreneurs and engineers take on the problems of development. Technology is the most cost effective way to multiply resources. BBOXX is serving parts of the world furthest from the grid and most in need of electricity, while maintaining capital efficiency, profitability and entrepreneurial agility. This is not easy. The team has done a great job and we are pleased to fund their investments in new distribution channels and new product development.”