ClearlySo helps Brighter World Energy raise £500k in seed capital to provide solar energy to Africa
Brighter World Energy, a new socially conscious energy company launching in the United Kingdom, announced today that it has completed a £500,000 seed capital round with the help ofClearlySo, Europe’s leading impact investment bank. Brighter World Energy plans to use the funding to ensure consumer power tackles the global energy crisis.
Brighter World Energy’s dual mission is to offer UK customers access to energy at competitive tariffs and high-quality online support, which will contribute directly to help build solar-powered micro-grids in Africa. For every 2,000 customers signed up with Brighter World Energy, a solar powered micro-grid is installed in Africa.
Brighter World Energy’s model shows that it will offer the average household up to £200 per annum in savings when compared to the average standard variable tariff of the Big Six energy providers. Their mission to deliver renewable energy in Africa positions the company to align their business with UK customer values, build sustainable stakeholder engagement and thus strengthen their position in the domestic energy market for the long-term.
Not-for-Profit supplier Robin Hood Energy does the regulatory, energy trading, meter reading and meter management activities.
Cheryl Latham, Brighter World Energy’s founder and chief executive officer, said: “We’re here for those conscious consumers who want a good deal, but also want to use the power of their purchase to do some fundamental good in the world.
“With more than a billion unconnected people around the world, making a simple switch here at home will turn on the lights for villages in Africa for the very first time. Everyone should have the same right to access energy, no matter where they are born.
“Our investors’ have belief in the Brighter World mission, putting positively life-changing power in the hands of UK consumers, and addressing global challenges with a fair and transparent business model, is the right way to do business.”
Further commenting, Hayley Collen, investment director at ClearlySo: “There is a clear correlation between access to energy and inequality. Brighter World Energy is helping solve this problem by leveraging the power and consciousness of the British consumer to provide access to clean energy for those who need it most whilst getting a competitive price for their own fuel. We are delighted that ClearlySo’s extensive investor network was able to help give them the capital they need to launch this very important endeavor.”
The legal advisor on the transaction was Pannone Corporate LLP. Corporate partner Tom Hall who led the team said: “Brighter World Energy will not only enable socially conscious consumers to save money on their household energy bills but will make a real difference to the lives of people in Africa.
“Growing numbers of UK consumers are keen to source energy from companies operating in the sustainable and not for profit sectors. We are delighted to advise Brighter World Energy on securing the seed capital which will help fulfil its ambitions of becoming a leading provider in the UK energy market.”