Orb Energy, raises $1.05 million in Equity Financing

Orb Energy, headquartered in Bangalore, has received $500,000 in funding from Pamiga, an impact investor that supports African SMEs, and a further $550,000 from Germany development finance institution DEG.

The solar firm has received the financing as part of $15 million recent commitments in a fresh round of fundraising to support its business in India and Kenya. These funds will be used to further expand Orb’s residential and commercial solar business in Kenya, where Orb has sold more than 10,000 systems since 2014.

The intensity of sunlight, not heat levels, determines solar electricity production. Kenya’s total installed power capacity is 2,370 megawatts, with solar power accounting for less than one per cent. This presents a huge market for independent investors to supply kits to off-grid customers.