With a dutch origin, the solar now is a profitable business with the purpose of transforming lives in east Africa by providing clean energy solutions while reducing tons of greenhouse gas emissions.
Originally born as a non-government organization (NGO) that successfully trained hundreds of solar energy retailers in Africa, SolarNow became a private, for-profit entity in 2011 after realizing end-user finance was needed to achieve a real breakthrough in the market.
SolarNow is an innovative provider of solar energy solutions to the entrepreneurial class in Uganda and Kenya.
The company focuses on quality and provides credit facilities to its clients combined with reliable after-sales services. SolarNow is serving well over 70,000 clients in both Uganda and Kenya.
The company was founded in 2011 and with its initial focus on rural homes and small businesses it has now grown to global energy solution providers to institutions, corporations, and farmers.
With the mission to lead the energy transition in East Africa, the company has partnered with other partners to develop and transform the economy while conserving the environment.
Solarnow has US$19 million in investments that have been arranged or made directly in the company as of 2019. This is due to the company’s unique ability to tailor-make solar solutions for every client.
They also include providing a 24-months delayed payment facility, a reliable warranty, and 5-years after-sales service. The company increasingly proves that solar energy is now a reliable and affordable alternative to grid electricity.
Founder
Willem Nolens:- it’s never easy taking up an existing organization and turning it private without funding but this did not deter him from starting. He faced the challenge of designing the right product, designing distribution, controlling structures, and creating a back office.
Unbound by operating in an unproven market, unproven product, unproven distribution model he partnered with other ventures and has now grown globally.
Funding
Sunfunder: Starting with small crowdfunded inventory loans in 2013, Sunfunder provided larger working capital facilities funded through our Solar Empowerment Fund
- *2013: this was the first funding where they funded solarnow $800,000
- *2015: the loan was increased to $1.4million
- *2017:amount was increased to $2million
Acumen Fund and Novastar Ventures
The two ventures have funded solarnow as external equity investors a total of $3 million as of 2017.