Harnessing the power of solar: Enerwhere seeks $700,000 in funding from second equity crowdfunding round on Eureeca
Enerwhere, the world’s first distributed solar utility company, has returned to equity crowdfunding platformEureeca for the second time to raise an additional $700,000 in capital to continue on its path to becoming a global leader in off-grid and on-grid distributed generation solutions.
Founded in 2012, Enerwhere was born out of the powerful encounter between the strong will to solve a complex energy problem through innovative technology and business model, and the conviction that a solar revolution was much needed in the GCC countries.
Dirty diesel generators are a necessary power solution for millions of businesses worldwide. The spend on diesel power generation in the MENA region is $6 – $8 billion annually. Diesel power generation is expensive and inefficient. Solar generation is cheaper but requires more
significant upfront capital investment.
Apart from offering clients significant financial savings, Enerwhere’s systems reduce CO2 and particulate emissions and promote sustainable development in frontier markets.
Today, Enerwhere is one of the largest solar contractors under DEWA’ Shams Dubai programme, and have a large project pipeline in the UAE, Oman, Nigeria, and numerous countries in Africa.
“Renewable energy and hybrid micro-grids are expected to become the next revolution in the rural and remote location electrification and energy access industry and the market is expected to increase by nearly a three-fold by 2024,” explains Daniel Zywietz, Enerwhere Founder & CEO. “These solutions are particularly interesting in growth markets. Enerwhere is perfectly positioned on this promising market, as it has the ability to ride this growth and become a leader in both off-grid and on-grid distributed generation solutions.”
Enerwhere has plenty of key achievements to shout about:
- World’s first and leading distributed solar utility – they sell electricity as a service
- Providing power to commercial and industrial customers without (stable) grid
- 85 employees
- Only company worldwide able to deploy MW-scale temporary solar power plants
- Certified Contractor under DEWA’s Shams Dubai Initiative with the largest pipeline of
all contractors in Dubai
- First solar company to roll-out robotic cleaning in the UAE
In 2017, Enerwhere raised more than US$1million in equity crowdfunding through Eureeca, which resulted in 150% revenue growth in 2018. Enerwhere is raising again on Eureeca to ensure that individual investors and not just institutional investors can benefit from its growth.
The funds from the equity crowdfunding campaign will go towards the following priority areas:
- The Energy Sales business requires significant capital investment in solar equipment, battery storage, AC & remote monitoring equipment.
- To maximise revenues & minimise fuel spend, management is planning to invest 60% of the funds in assets. The investment will be deployed quickly into existing contracts and near term pipeline.
- Enerwhere also wants to develop intellectual property and patent the technology to remain the leading solar utility company in the MENA region.
According to Zywietz, “As the first and largest solar power player in the UAE and based on our triple digit annual revenue growth, we believe we are well positioned to be an acquisition target in the coming years. “We plan on offering a Share Buyback to shareholders investing in this round within five years following the issuance of shares. The price per share at which the Buyback will be offered shall be determined based on the market value of the Company at that point,” he adds.
Enerwhere have already raised $921,964 (131% of their $700k target) from 48 investors so far.
Enerwhere are now in overfunding (still accepting investments). Their funding round is set to close on 20th February 2019.