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Solar-powered irrigation systems provider SunCulture has secured funding to promote solar irrigation in Africa and accelerate agricultural innovation in the context of the food crisis. The funds are being provided by Nithio Financial Intermediary, an investment vehicle set up by the Nithio platform, which specialises in financing renewable energies based on artificial intelligence.
Investor interest in SunCulture’s solutions continues to grow. The Nairobi, Kenya-based supplier of solar-powered irrigation systems has just secured new funding from Nithio Financial Intermediary (FI), an investment vehicle set up by the Nithio platform, which specialises in financing renewable energies based on artificial intelligence.
“This financing is part of a $12 million syndicated credit facility led by Mirova SunFunder and funded by its Solar Energy Transformation Fund, Mirova (through its Gigaton strategy) and Triodos Investment Management, which together will enable SunCulture to finance its Kenyan subsidiary’s inventory and receivables for its renewable energy products for productive use, related appliances and irrigation equipment,” says Nithio.
Improving agricultural yields
Thanks to this funding, SunCulture will be able to increase its production, enabling it to reach more small-scale farmers who need affordable and reliable access to energy and water to improve agricultural yields, which are vital to their livelihoods and those of their communities.
For the record, the Kenyan company founded in 2012 designs, manufactures, finances and maintains solar-powered irrigation systems based on the Internet of Things (IoT) for smallholder farmers, enabling them to spend less while growing more. This has enabled SunCulture to be able to offer both cash sales and Pay-As-You-Grow financing through its direct sales channels and distributors, sell more than 45,000 systems to date and offer battery-free solar irrigation systems. The company has also expanded into new sales regions through direct entry into the international market, joint ventures and government partnerships.
Towards more revolutionary tools?
“Through our investment, we aim to support the growth and scale of SunCulture, and contribute to the broader mission of the Global Energy Alliance for People and Planet (GEAPP) to accelerate the adoption of productive use devices in Africa,” explains Kate Steel, CEO of Nithio.
“This initiative is part of our mission to promote sustainable energy solutions that will avoid future carbon emissions, while increasing access to clean energy and improving livelihoods through economic growth. By reducing the cost of high-quality, energy-efficient appliances and providing finance, we are creating jobs and livelihoods for thousands of people who support a low-carbon future,” says Makena Ireri, GEAPP’s Director of Demand, Jobs and Livelihoods.
SunCulture also intends to use the Nithio funding to develop even more revolutionary tools for vulnerable smallholder farmers in Kenya. The aim is to build resilience to climate change at individual, community and national levels, and improve the environmental, social and economic sustainability of farming and food systems.
