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SolarHome raises US$ 1 million follow-on equity from Trirec
SolarHome raises US$ 1 million follow-on equity from Trirec

Yangon, April 23, 2019 – SolarHome, the pioneer in Pay-As-You- Go solar for off-grid households in Southeast Asia, has announced that it has secured additional US$1 million equity funding from TRIREC as part of SolarHome’s series A round.  TRIREC is an investment holding company which focuses on renewable energy and clean technology projects.  In 2018 TRIREC was joined by Insitor Impact Asia, Beenext, and a group of Singaporean family offices investing US$4.2 million via a convertible note.  SolarHome subsequently raised an additional US$10 million debt financing from investors including the Japanese cross-border crowdfunding platform CrowdCredit.

SolarHome was launched in 2017 with seed funding by fintech venture builder FORUM of Singapore.  Since launching, SolarHome has expanded to 20 branches in 4 regions of Myanmar. SolarHome distributes solar lighting and solar television kits to off-grid households, while financing them through a rapidly affordable Pay-As-You-Go (PAYG) model. 

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About SolarHome

SolarHome is the pioneer in Pay-As-You-Go (“PAYG”) Solar for off-grid households in Southeast Asia.  SolarHome installs the IFC-World Bank’s Lighting Global certified integrated solar energy and appliance units in customers’ homes, and offers radically affordable “rent-to-own” plans of energy service subscription. This dramatically lowers the barriers to adoption of solar technology by the bottom-of-pyramid clients. SolarHome is delivering a significant social impact in its addressable market of 27 million households across Southeast Asia living outside of the electric grid. Headquartered in Singapore, SolarHome presently operates in Myanmar. SolarHome was seeded and developed by FORUM, a leading fintech venture builder in Emerging Asia.

ABOUT TRIREC

TRIREC Pte Ltd is a Singapore-based investment holding company founded in 2015 focusing on global opportunities in the areas of renewable energy, clean technology and sustainability. TRIREC aims to identify suitable equity investment opportunities in early and growth stage companies which can potentially provide significant long-term upside return performance. The team also evaluates infrastructure investment projects that can provide consistent cash flows to its investors. The full spectrum of TRIREC’s investment mandate allows it to support its portfolio partners from early stage development to capital market phase and provides a balanced approach for TRIREC’s investment returns. Achieving long term sustainable and positive impact to our environment while being able to leave behind a better place for our next generation is imperative to our core values.

Yangon, April 23, 2019 – SolarHome, the pioneer in Pay-As-You- Go solar for off-grid households in Southeast Asia, has announced that it has secured additional US$1 million equity funding from TRIREC as part of SolarHome’s series A round.  TRIREC is an investment holding company which focuses on renewable energy and clean technology projects.  In 2018 TRIREC was joined by Insitor Impact Asia, Beenext, and a group of Singaporean family offices investing US$4.2 million via a convertible note.  SolarHome subsequently raised an additional US$10 million debt financing from investors including the Japanese cross-border crowdfunding platform CrowdCredit.

SolarHome was launched in 2017 with seed funding by fintech venture builder FORUM of Singapore.  Since launching, SolarHome has expanded to 20 branches in 4 regions of Myanmar, with a customer base of over 30,000 customers.  SolarHome distributes solar lighting and solar television kits to off-grid households, while financing them through a rapidly affordable Pay-As-You-Go (PAYG) model.  SolarHome aims to reach up to 100,000 home installations by the end of 2019.

 SolarHome appoints retail finance veterans as CEO and COO
SolarHome appoints retail finance veterans as CEO and COO

SINGAPORE, MARCH 19, 2019 -- SolarHome, a pioneer in Pay-As-You-Go (PAYG) solar for off-grid households in Southeast Asia, today announced the appointment of Greg Krasnov, SolarHome’s chairman and founder, as chief executive officer (CEO) and Geert-Jan ten Hoonte as president and chief operating officer (COO). Greg will assume his new role as CEO on March 18. Geert will come onboard as president and COO on April 1. 

Greg Krasnov is the founder and chairman of SolarHome, and also concurrently the CEO of FORUM, the venturebuilder behind SolarHome’s success. Greg has also been the chairman of the board of SolarHome since its inception. Greg brings to his new role over 20 years of international experience in consumer finance and early-stage investing across over 50 countries. His track record includes founding, building, and successfully exiting a major retail bank in Eastern Europe, backed by international private equity investors. 

Geert-Jan ten Hoonte, joining as president and COO, has been a senior adviser, board member and angel investor in SolarHome since its inception. Geert’s distinguished career spans over 30 years of senior experience in the retail and consumer finance sectors, most of it in the emerging markets. This includes 20 years internationally with the Ahold retail group, as well as most recently as CEO of major Asian consumer lenders Home Credit Vietnam and EasyCredit Vietnam. His deep, hands-on operational retail and consumer finance expertise will be key to driving SolarHome’s growth into its next phase. 

Greg and Geert succeed Ted Martynov who will continue to support SolarHome as a senior adviser. Ted Martynov said, “Greg and Geert are consumer finance and retail veterans. They have been deeply involved in the business from the start, bringing a depth of strategic vision and understanding of SolarHome and the complexities of delivering energy and financial access in a country with significant infrastructural challenges. I am confident that they have absolutely the right skillset to take SolarHome to the next level of growth and I look forward to continuing to work with the both of them on an advisory level.”

Greg Krasnov, SolarHome’s new CEO, said, “Ted has helped shape SolarHome to what it is today and we thank him for the leadership and dynamism he has brought to the company in the last two years. We wish him all the best as he moves to pursue personal entrepreneurial interests. As SolarHome moves into a new phase of growth with a focus on profitability and operational excellence, we are confident that the strong combination of retail and consumer finance experience that Geert and I bring will be a significant value-add to the executive team, and will enable the appropriate focus on operational excellence and sustainable profitable growth.”

“I am excited to be joining SolarHome as COO after having been closely involved in the business since day one. I have always believed in our strategy and huge market potential as an organisation, and I am confident we will be able to continue to scale SolarHome’s business and deliver impactful value to our customers, investors and partners as we enter the next stage of growth,” said Geert-Jan ten Hoonte, new COO of SolarHome. 

Since its founding in 2017, SolarHome has achieved market leadership in Myanmar, launched an extensive product range addressing all segments of market demand, raised over US$5 million in equity from some of Southeast Asia’s leading impact VCs and angel investors, and built a team of over 400 employees serving over 30,000 homes across 20 hubs in Myanmar. In 2018, SolarHome was recognised by CleanTech APAC’s 25 List of Most Innovative Companies across the region, as well as E27’s Top 10 Social Impact Start-ups in Southeast Asia 2018. 

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About SolarHome

SolarHome is the pioneer in Pay-As-You-Go (“PAYG”) Solar for off-grid households in Southeast Asia.  SolarHome installs the IFC-World Bank’s Lighting Global certified integrated solar energy and appliance units in customers’ homes and offers radically affordable “rent-to-own” plans of energy service subscription. This dramatically lowers the barriers to adoption of solar technology by the bottom-of-pyramid clients. SolarHome is delivering a significant social impact in its addressable market of 27 million households across Southeast Asia living outside of the electric grid. Headquartered in Singapore, SolarHome presently operates in Myanmar. SolarHome was seeded and developed by FORUM, the leading fintech venture builder in Emerging Asia.
 

 About FORUM 

FORUM the largest fintech venture builder in the Asian emerging markets.  FORUM identifies unique opportunities and builds market-leading fintech companies with seasoned CEOs/co-founders. FORUM’s deep expertise in retail financial services enables a hands-on approach, providing its ventures not only seed capital but also ideation, strategic & financial planning, fundraising, recruitment, and communications.  FORUM and its companies currently provide employment to over 800 people and serve more than 8 million B2C and 70 B2B clients across 18 countries.  Founded in 2015, FORUM is headquartered in Singapore.

SolarHome raises US$10 million in debt financing, targets 100,000  off-grid households in Myanmar by the end of 2019
SolarHome raises US$10 million in debt financing, targets 100,000 off-grid households in Myanmar by the end of 2019

SINGAPORE, December 5, 2018 -- SolarHome, a pioneer in Pay-As-You-Go  solar for off-grid households in Southeast Asia, has raised US$10 million in debt financing from a consortium of international investors, including Crowdcredit, a cross-border crowdfunding platform based in Japan, and Trine, a Sweden-based crowdfunding platform for off-grid solar. The investment follows on the US$4.2 million in convertible note funding raised in 2018 from international investors, including Trirec,  Insitor Impact Asia, Beenext, and a group of Singapore-based family offices.

The new funds will enable SolarHome, which has already installed close to 28,000 solar home systems, to accelerate expansion across Myanmar. Through this expansion, the company aims to reach 100,000 homes with its product packages that include budget, basic and premium solar system bundles for lighting and phone charging purposes, as well as TV bundles.

Ted Martynov, chief executive officer and co-founder of SolarHome, said, “Accessing debt finance on such a scale at this stage in our development has significantly outperformed our expectations. We believe this is a testament to the strength of our professional team, and the relentless focus on operational quality that we bring to the PAYG space in Southeast Asia.  The new funding will enable us to accelerate our growth in 2019 and bring clean energy to hundreds of thousands of off-grid households in Myanmar.”  

This additional funding represents another important step in the ongoing growth story of SolarHome.  The company was founded by FORUM, the Singapore-based largest fintech venture builder in Emerging Asia. SolarHome was recently recognised in CleanTech’s APAC 25 list alongside such regional innovation leaders as Grab, Didi, and Gogoro.

The company has added three new premium products in the last quarter. This product expansion is in line with the company’s aim to impact the overall livelihoods and financial inclusion of those living off-grid in rural Myanmar. SolarHome goes beyond just meeting the customer’s energy needs, but also helps them establish  credit histories essential to ultimately accessing financial services and rising up the socio-economic ladder.

Since launching in 2017, SolarHome has established itself as the market leader in PAYG solar systems in Myanmar, installing new systems at a rate of approximately 3,000 units each month. 

 

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About SolarHome

SolarHome is the pioneer in Pay-As-You-Go (“PAYG”) Solar for off-grid households in Southeast Asia.  SolarHome installs the IFC-World Bank’s Lighting Global certified integrated solar energy and appliance units in customers’ homes and offers radically affordable “rent-to-own” plans of energy service subscription. This dramatically lowers the barriers to adoption of solar technology by the bottom-of-pyramid clients. SolarHome is delivering a significant social impact in its addressable market of 27 million households across Southeast Asia living outside of the electric grid. Headquartered in Singapore, SolarHome presently operates in Myanmar. SolarHome was seeded and developed by FORUM, the leading fintech venture builder in Emerging Asia.

 

About FORUM

FORUM the largest fintech venture builder in the Asian emerging markets.  FORUM identifies unique opportunities and builds market-leading fintech companies with seasoned CEOs/co-founders. FORUM’s deep expertise in retail financial services enables a hands-on approach, providing its ventures not only seed capital but also ideation, strategic & financial planning, fundraising, recruitment, and communications.  FORUM and its companies currently provide employment to close to 700 people and serve more than 6.3 million B2C and 70 B2B clients across 18 countries.  Founded in 2015, FORUM is headquartered in Singapore

 Lucky Draw Winners From Thanks-4-Repaying Program by SolarHome Have Emerged In Ayeyarwaddy and Magway Divisions
Lucky Draw Winners From Thanks-4-Repaying Program by SolarHome Have Emerged In Ayeyarwaddy and Magway Divisions

Yangon, November 5, 2018- SolarHome, the pioneer in Pay-As-You-Go ("PAYG") solar for off-grid households in Southeast Asia, has completed their “Thanks-4-Repaying” program.  Through this promotional program, farmers from Ayeyarwaddy and Magway divisions have won motorcycles via a lucky draw.

All SolarHome customers who installed a solar home system through the end of September month earned a chance to participate.  The winners included Ma Yin Nu, from small village in Magway division, Daw Thida also from Magway Division, and U Myint Oo from Wakema township in Ayeyarwaddy division.  They paid for safe and affordable light and ended up winning a motorbike as well!

For those who live in Myanmar rural area, motorcycle is the main form of transportation. For this reason, SolarHome chose to provide the new motorcycles as lucky draw prizes for their promotion. The SolarHome team members went to the winners’ home to give them the motorcycle and the necessary winner’s documentation.

“We stay at the farm that is far from the village. We used to use battery for light. But the battery isn’t good after half a year and so, we need to buy new ones frequently. Moreover, we needed to travel back to the village battery shop to charge it every day. We spent time and fuel, and then we had to carry them to field. But now, we are happy with our new SolarHome solar system. And I`m super pleased to win this motorcycle on top,” said U Myint Oo, lucky draw winner from Paittar Lay village in Ayeyarwaddy.

 

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About SolarHome

SolarHome is the pioneer in Pay-As-You-Go (“PAYG”) Solar for off-grid households in Southeast Asia.  SolarHome installs the IFC-World Bank’s Lighting Global certified integrated solar energy and appliance units in customers’ homes and offers radically affordable “rent-to-own” plans of energy service subscription. This dramatically lowers the barriers to adoption of solar technology by the bottom-of-pyramid clients. SolarHome is delivering a significant social impact in its addressable market of 27 million households across Southeast Asia living outside of the electric grid. Headquartered in Singapore, SolarHome presently operates in Myanmar. SolarHome was seeded and developed by FORUM, a leading fintech venture builder in Emerging Asia.

 

SolarHome tops USD5 million in funding after latest investment from impact VC Insitor Impact Asia Fund
SolarHome tops USD5 million in funding after latest investment from impact VC Insitor Impact Asia Fund

SINGAPORE, JULY 31, 2018 -- SolarHome, a pioneer in Pay-As-You-Go ("PAYG") solar for off-grid households in Southeast Asia, has raised USD5 million to date after closing a USD1 million convertible note offering with impact venture capital firm Insitor Impact Asia Fund.

Bradley Kopsick, Myanmar country manager at Insitor, said, “SolarHome impressed us with their strong growth trajectory over the past 15 months, reaching more than 15,000 households in Myanmar while maintaining high portfolio quality. The company is a natural fit to our current microfinance and renewable energy portfolios. Moving forward, we see valuable synergies between SolarHome and our existing investments and networks that will help to accelerate its strategy to grow and gain a firm foothold in the Southeast Asia region.”

Ted Martynov, chief executive officer and co-founder of SolarHome, said, “We are pleased to welcome one of the most seasoned investors in this space. Insitor is one of the few regional funds that has an on the ground presence in Myanmar and an intricate understanding of rural Myanmar. With this round, SolarHome is on track to hit EBITDA breakeven by end of this year, after which we will see significantly lower reliance on equity capital to finance our operations.”

SolarHome will use the new funds to extend its network of hubs throughout Myanmar, move into offering more premium products, and to expand into Indonesia and Cambodia by year end. The company currently distributes its off-grid systems via 19 sales hubs across central Myanmar and has installed more than 15,000 homes with its systems. SolarHome provides employment to over 350 employees that includes an extensive team of field sales representatives and installers. 

The PAYG model leverages a growing trend in rural communities where through commonly available mobile phones, consumers make regular payments on their mobiles to top up their solar home systems for up to two years, after which the system is “unlocked” and transferred to the consumer. This “rent-to-own” model provides customers access to financing that would not otherwise be available and increases the affordability of quality off-grid solar solutions.

SolarHome works with international development finance institutions in Myanmar to raise awareness and educate rural communities about the socio-economic and environmental benefits of PAYG solar. The Lighting Myanmar platform, co-founded by the International Finance Corporation (IFC) and the World Bank, is one such education initiative. Bill Gallery, program manager for IFC’s Lighting Myanmar program, said, “IFC is very pleased to be working with SolarHome as one of our partners under the Lighting Myanmar project to provide sustainable energy solutions to the people of Myanmar. With our deep expertise and experience in other developing countries facing significant electricity gaps, we will help SolarHome and other developers grow a commercial and sustainable market for quality off-grid solar products in Myanmar that will eventually bring affordable and reliable power to communities in rural and remote areas.”

 

SolarHome is led by an international leadership team with extensive experience and a proven track record in inclusive consumer finance in emerging markets. The company counts notable venture capital firms such as TRIREC, BeeNext and Uberis Capital, and distinguished angel investors, including Singaporean businessman Koh Boon Hwee, among its investors.

 

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About SolarHome

SolarHome is the pioneer in Pay-As-You-Go (“PAYG”) Solar for off-grid households in Southeast Asia.  SolarHome installs the IFC-World Bank’s Lighting Global certified integrated solar energy and appliance units in customers’ homes and offers radically affordable “rent-to-own” plans of energy service subscription. This dramatically lowers the barriers to adoption of solar technology by the bottom-of-pyramid clients. SolarHome is delivering a significant social impact in its addressable market of 27 million households across Southeast Asia living outside of the electric grid. Headquartered in Singapore, SolarHome presently operates in Myanmar. SolarHome was seeded and developed by FORUM, a leading fintech venture builder in Emerging Asia.

 

About INSITOR  IMPACT ASIA FUND PTE LTD

Insitor Impact Asia Fund is a social venture capital fund that provides financing to social businesses in emerging and frontier markets. Insitor supports early stage companies that have the potential to improve the living standards of low-income communities. The fund focuses on a number of development sectors in Myanmar: renewable energy, nutrition, water and sanitation, financial inclusion, education, and livelihood enhancement. The fund also invests in Cambodia, India, and Pakistan. Visit www.insitorimpactasiafund.com to learn more.

 

 

About FORUM

FORUM is the largest fintech venture builder in Emerging Asia.  FORUM identifies unique market segments for rapid value creation and builds market-leading companies for capital gain. FORUM is currently  developing  four market-leading companies across Asia: CredoLabAsiaCollectSolarHome and AsiaKredit.  The company is headquartered in Singapore and led by founder and CEO Greg Krasnov.