SteamaCo, a market leader in technology for managing off-grid renewable energy networks in emerging markets, has completed a £640,000 seed capital round with the help of London’s ClearlySo impact investment bank.
SteamaCo plans to use the funding to expand access to its smart metering and data analytics technology that enables electricity providers – from mini grid operators to agricultural irrigation businesses – to reach up to 1.3 billion people living beyond the grid.
To date, the company has built more than 30 rural micro grids in developing nations and currently operates 70 percent of Kenya’s micro grid market.
Its universal smart meter technology allows any company to operate like a utility – monitoring performance and operating machinery remotely and collecting cashless payments on a per-unit basis.
Tamsin Chislett, Investment Manager at ClearlySo, said: “We are extremely proud to have advised SteamaCo on their recent successful investment raise. SteamaCo’s metering technology is critical for the growth of the renewable off-grid energy sector in emerging markets, and their innovation will give more people access to reliable, green, and affordable energy than ever before.
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