I-G3N, a South African energy startup that develops lithium-ion batteries, has raised a $1.3 million investment from Edge Growth and the ASISA ESD initiative.
Launched in 2018, I-G3N is the only black empowered, female-owned company to effectively develop lithium-ion batteries specifically for the African continent.
The startup is a designer, developer, and manufacturer of battery energy storage systems offering it as a packaged affordable, and reliable solution to installers, energy integrators, and consumers.
Having recognized I-G3N’s exceptional products and solutions as well as the team’s customer-centricity, diverse skill set, technical expertise, and ability to rapidly gain traction locally and into Africa, Edge Growth and the ASISA ESD initiative have entered into a partnership with Secha Capital, an early-stage impact private investment fund manager that has an operator-investor model.
The fund shares their common vision of creating value through financial returns, job creation, investment into South African black-owned businesses, and positive environmental outcomes.
In mid-2020, the energy company secured Secha Capital’s support to formalize operations and redefine its market strategy.
On the other hand, this investment and partnership will help to unlock growth in I-G3N’s key target sectors as well as drive the adoption of renewable energy, create jobs and upskill local talent in the growing energy storage industry.
Expressing his excitement on the partnership, Shrivar Mohan, investment principal at Edge Growth, said, “Edge Growth and the ASISA ESD initiative are excited to partner with both I-G3N and Secha Capital in a transaction that embodies our mission to invest in local, impactful, innovative and high-growth businesses, and to team up with outstanding, values-aligned and value-adding investment partners.
“We’ve observed explosive growth in the energy storage market globally and, more importantly, locally due to national grid instability and rising electricity costs.”
He believes that with further governmental and regulatory support for decentralized energy generation, the trend is expected to continue in SA and across the continent.
Tumi Mphahlele, COO at I-G3N, said, “We are excited to partner with the ASISA ESD initiative and Edge Growth as we work towards our mission of providing accessible and affordable clean energy for all of Africa. This investment will help us meet the increasing demand for high-quality, locally made, and trusted battery storage solutions.
“With load-shedding becoming endemic in South Africa, and the recent change in electricity regulations for generation up to 100MW, this investment will help us serve larger segments of this growing market.”
