SolarHome, a solar energy startup that focusses on serving households in Myanmar, has announced that it has secured another US$1 million for equity from Trirec, an investment company that supports energy tech companies. Trirec is an existing investor in SolarHome, which makes this funding a follow-on financing that’s a part of SolarHome’s Series A round, as reported by Deal Street Asia.
Trirec was joined by Insitor Impact Asia, Beenext, and a group of Singapore-based family offices early last year when it invested US$4.2 million in SolarHome on a convertible note.
SolarHome was launched in 2017 seeded by fintech venture builder FORUM. With core operation in Myanmar, the company says that it has installed over 30,000 solar home systems in the country.
SolarHome is known for its Pay-As-You-Go (PAYG) solar installation for off-grid homes in Southeast Asia.
Just a few days prior to funding announcement, SolarHome announced the appointment of Greg Krasnov, the chairman and founder of SolarHome, and CEO of FORUM as the company’s CEO, succeeding Ted Martynov. It also appointed Geert-Jan ten Hoonte, a senior adviser, board member, and angel investor in SolarHome as president and COO of the company.
Just in December last year, SolarHome raised an additional US$10 million debt financing from investors including Japan-based cross border crowdfunding platform Trine.
The company said it aims to reach up to 100,000 home installations by the end of 2019.