Woman-owned battery maker secures $ 1.3 million investment


Battery manufacturer I-G3N. Photo credit: Edge Croissance

South African SME owned by black women, I-G3N, which develops lithium-ion batteries, has successfully raised $ 1.3 million in investment.

I-G3N, the only black women-owned SME empowered to successfully develop lithium-ion batteries specifically for the African continent, received investment from Edge Growth and the ASISA ESD initiative.

Recognizing I-G3N’s ability to design, develop and manufacture battery energy storage systems, Edge Growth and the ASISA ESD initiative have partnered with Secha Capital, an impact fund manager who shares a vision common value creation through financial returns, job creation, funding of South African Black-owned businesses and positive environmental outcomes.

“Edge Growth and the ASISA ESD initiative are delighted to partner with I-G3N and Secha Capital in a transaction that embodies our mission to invest in local, impactful, innovative and high growth companies, and to team up with exceptional values. aligned and value-added investment partners, ”said Shrivar Mohan, Investment Director at Edge Growth.

“We have seen explosive growth in the energy storage market globally and, more importantly, locally due to the instability of the national grid and rising electricity costs. With additional government and regulatory support for decentralized power generation, we expect this trend to continue in South Africa and across the continent, ”he said.

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Secha Capital has been supporting I-G3N for six months to formalize its operations and redefine its marketing strategy.

“We are delighted to bring the ASISA ESD and Edge Growth initiative to a key inflection point for I-G3N, where the capital provided will have a catalytic impact both in terms of the company’s financial growth and creation. jobs, ”says Yusuf Shaikh, director of Secha Capital.

“We’re also excited to see more investment in these growing industries, where innovative black-owned SMEs like I-G3N exist and are best positioned to grow with the right forms of capital.”

I-G3N’s exceptional products and solutions as well as the team’s customer focus, diverse skills, technical expertise and ability to quickly gain traction locally and in Africa sealed the deal, which will unlock growth in I-G3N’s key target sectors and help realize the company’s vision of providing accessible and affordable clean energy for all of Africa.

In addition, I-G3N is one of a handful of South African lithium-ion battery manufacturers that serve more than 60,000 solar and backup power system installers in Southern Africa, with their high-quality products having l ‘one of the lowest failure rates on the market.

While the technology behind renewables is global, the energy storage provided by I-G3N provides local solar installers, energy integrators and consumers with a local, affordable and reliable battery storage solution.

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“We are delighted to partner with the ASISA ESD initiative and Edge Growth as we work on our mission to provide accessible and affordable clean energy for all of Africa. This investment will help us meet the growing demand for high quality, locally manufactured and reliable battery storage solutions, ”said Tumi Mphahlele, COO, I-G3N.

“With load shedding becoming endemic in South Africa and the recent change in electricity regulation for generation up to 100 MW, this investment will help us serve larger segments of this growing market. We see the greatest impact of our solutions and products in helping businesses and average households find an easy way to stay energized for work and distance learning – providing families with a fast and efficient solution. to be able to live without fear. load shedding, ”she says.

This investment and partnership will not only help unlock growth in I-G3N’s key target sectors, but will also ultimately increase the uptake of renewable energies, create jobs and improve the skills of local talent in the sector by. full growth in energy storage.

Energy storage represents a tremendous opportunity as Africa shifts to safe and clean energy, and it is the key to security of supply. I-G3N is a fast growing company with an exceptional leadership team transforming our energy industry to provide cleaner, safer and more resilient energy for all. It is companies like I-G3N that will drive economic growth, reduce unemployment and help close inequalities, while putting our country at the forefront of innovation and technology.

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