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Press release: Lumos wins FT/IFC transformational Business Recognition

LONDON—Lumos Global, a leading off-grid solar electricity company, has been named a winner at the FT/IFC Transformative Business Awards – the annual awards given by the Financial Times (FT) and the International Finance Corporation (IFC) in London. 
The FT/IFC recognize companies making a transformational impact in developing economies by providing groundbreaking, long-term and financially viable private sector solutions to key development issues.
Lumos – alongside the Overseas Private Investment Corporation (OPIC), the U.S. Government’s Development Finance Institution – was Highly Commended for Low-Carbon Urban Transformation, a category highlighting innovative projects that address challenges around energy demand and supply, and climate change. 
In addition to its equity investments, Lumos received a $15 million commitment from OPIC to support the scaling up of its work providing solar electricity throughout Nigeria. This constitutes the largest OPIC investment to the off-grid power sector in Africa. “The FT/IFC recognition of our model and scaling impact is a significant milestone for Lumos,” said the company’s co-founder Nir Marom. “Lumos will continue to expand our work in Nigeria and beyond – bringing affordable, clean and accessible electricity to millions of homes and small business.” Lumos connects the dots between the mobile payment revolution and solar energy through its patented, self-deployable solar system with integrated cellular payment and advanced security mechanisms. With Lumos’ technology, households and businesses can replace kerosene and candles with modern electricity that safely powers lights, cellphones, fans, computers, TVs and other small electronic devices – all at once, every day. It’s a pay-as-you-go system, with customers accessing electricity on-demand by transferring small amounts via SMS payments.

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