Upgradable solutions
MyJouleBox specialises in the commercialisation, installation and maintenance of decentralised, off-grid solar energy solutions. The start-up was founded in 2012 in Benin under the name ‘ARESS’ by Léonide Sinsin and Pau Berthomieu who met during their PhD in Electrical Engineering in Paris. Senior Investment Manager Private Equity Estefanía Matesanz Medina: ”MyJouleBox has a wide range of products for a range of customers. Households can use small solar energy kits to power up lights, phones and TVs, while the bigger kits meet the needs of small and medium-sized enterprises and factories that are not connected to the grid or where the grid connection is not reliable.”
MyJouleBox offers upgradable solutions. Customers can buy small kits and then upgrade to a higher capacity according to their needs. Also, they can opt for cash or leasing payments with a monthly rent over a period of 6 to 36 months after which they own the system.
More than access to clean electricity
Off-grid solar solutions have proven to be more than just a way to provide clean, affordable, and reliable electricity to underserved communities. Through the wide range of energy solutions that MyJouleBox offers, customers are not only given the chance to boost their economic development as they can increase their production levels. Estefanía Matesanz Medina: “Their solutions are also instrumental in the development of, for example, clean water, irrigation and clean cooking activities. Or for healthcare purposes. In 2020, ARESS worked on a UNICEF project where 20 health centres in Benin benefitted from a new generation of cold storage which allowed them to keep vaccines and other medical products.”
Poised for growth
MyJouleBox will use the proceeds of the funding round primarily to finance working capital needs and the business expansion cost for the coming years, including new staff onboarding, local offices, new stores, storage facilities and business development.
“The vision and ambition of the founders, combined with the company’s proven business model makes MyJouleBox a great addition to our portfolio of off-grid solutions in Africa,” says Fadoua Boudiba, Regional Manager Africa and the Middle East. "The founders are fully dedicated and committed to increase rural electrification in West Africa. Also, by employing local talent MyJouleBox contributes to the development of strong and robust local economies.”
Read the joint press release.