AFRICA – d.light, a leading innovator of solar energy products, announced that Shell’s New Energies business has acquired a minority stake in the company, buying out several early-stage investors as they move on to new projects, underscoring the sector’s increasing commercial viability.
Commenting on the investment, d.light co-founder and CEO Ned Tozun said, “We are excited to have Shell join d.light as a shareholder. Shell’s record of leading important, transformative changes within the energy sector, and their alignment with our mission, makes them an ideal partner for d.light as we begin our next phase of major growth.
“We would like to thank our early investors who had faith in us from the start. Thanks to their enduring support, they have enabled d.light to enable incredible positive impact in the lives of millions of customers while still achieving strong financial outcomes.”
“Their experienced team has developed efficient sales and distribution channels in these markets and continues to expand their product range. We look forward to supporting d.light to realize its growth ambitions.
Isabelle Hau, Investment Partner at Omidyar Network, one of d.light’s prominent early investors, welcomed the announcement: “d.light has achieved remarkable direct impact at scale with nearly 100 million lives reached, and sector-level impact by transforming energy access and catalyzing an entire new off-grid power ecosystem.
“d.light has generated both social impact at scale and solid financial performance, demonstrating that social impact and financial returns are not mutually exclusive.
This transaction is subject to customary conditions precedent including regulatory approvals.
This figure is determined by the World Bank’s PayGo PERFORM initiative, which oversees financial reporting and operational benchmarking of PayGo companies.
Shell’s New Energies business was created in 2016 and focuses on two new fuels for transport, such as advanced biofuels and hydrogen; and power, which includes low-carbon sources such as wind and solar.