Total Energy Ventures backs solar installers Off Grid Electric, Powerhive

The venture capital fund of French energy giant Total SA (EPA:FP) has invested in two distributed solar firms, namely Off Grid Electric and Powerhive.

Total Energy Ventures (TEV) announced this on Tuesday, without disclosing the exact size of the investments or the stakes it acquired in the two firms.

With dual headquarters in Tanzania and the US, Off Grid Electric develops and markets distributed solar home systems and batteries, with a focus on the African markets. Its products allow customers to power LED lights, mobile phone chargers and other small electronics. In December, the company secured about USD 45 million (EUR 41m) in debt financing, bringing the total sum it raised throughout the year to about USD 70 million.

California-based Powerhive develops and operates solar microgrids. It is currently working on an expansion into new markets in Africa and the Asia-Pacific region. Late last month, Powerhive closed a USD-20-million Series A financing round led by Prelude Ventures. Total Energy Ventures was mentioned as one of the participants.

Commenting on the investments, Total’s chairman and CEO Patrick Pouyanne said that the systems offered by these companies will “speed up electrification in Africa and could be as much a game changer as mobile phones were in their field”.

(USD 1.0 = EUR 0.915)

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