Press release: Hivos-Triodos Fund invests in Amped Innovation through AlphaMundi's investment fund AlphaJiri

Early 2020, Triodos IM - through its Hivos-Triodos Fund - partnered with Switzerland-based AlphaMundi Group and anchored the USD 21 million AlphaJiri Fund. The fund targets SMEs in sustainable agriculture and renewable energy in East Africa and recently finalised its first equity investment in Amped Innovation.

Amped offers breakthrough affordable high-powered products for low-income, off-grid households across Sub-Saharan Africa. The company partners with distributors across seven countries in Sub-Saharan Africa, reaching over 60,000 low-income households. It supports productive use appliances, so that people can charge their phones, power their shops, preserve vegetables, or irrigate their crops.

Amped will use the investment to support the development of a new generation of highly efficient and affordable direct current appliances for low-income households, and to grow its sales, manufacturing, and engineering teams. This will further boost Amped’s growth as a B2B energy and appliance company and to deliver on its vision of energy access for all.

Dianah Irungu, Senior Associate at AlphaMundi: “We are thrilled to add Amped Innovation to the portfolio of AlphaJiri Fund. Backed by a highly skilled and innovative team, the company has made great strides in advancing access to energy for low-income households in Africa, by designing and building highly efficient and affordable products. We are confident that, with our support, the company will deliver on more pioneering products to allow consumers to move further up the energy ladder and ultimately improve their quality of life and reduce energy poverty.”

Karel Nierop, Fund Manager Hivos-Triodos Fund: ‘"Roughly 600 million people in Sub-Saharan Africa lack access to energy. Off-grid solutions are the best way to provide the majority of them with clean, affordable and reliable electricity. Amped is well-positioned to have a tremendous positive impact on energy access through its distribution model with local partners."

 

About AlphaJiri Fund
AlphaJiri Fund provides debt, mezzanine debt and equity investments for SMEs, with an initial focus on East Africa. The fund is managed by AlphaMundi’s local team in Nairobi, Kenya. Triodos Investment Management provides support on governance and operations. Stiftung Abendrot, a Swiss sustainable pension fund, is also an anchor investor in the fund.

 

Source: https://www.triodos-im.com/articles/2020/investment-hivos-triodos-fund---alphajiri