TRINE (www.jointrine.com), the Swedish crowd-investment platform for profitable solar energy projects, today announces that it has raised 6 million EUR in Series A funding led by venture investor, Gullspång Invest. The round was joined by several investors, including Andrew Reicher (Chairman of Berkeley Energy Africa), and Lars Thunell (former CEO of the International Finance Corporation).
The new capital will be used to scale TRINE’s operations in East Africa and Europe. By expanding the crowd-investing platform’s funding capacity, TRINE intends to provide 66 million people access to clean energy by 2022, saving 8 million tons of CO2 emissions annually.
Sam Manaberi, CEO and Founder of TRINE, comments: “This funding round, led by Gullspång Invest, allows us to scale our business by opening multiple projects across the TRINE platform, thereby attracting greater numbers of crowd-investors who want to fund solar energy projects with impact.”
“One in five people on the planet do not have access to electricity, but it does not have to be like that. We are now on track to eliminate energy poverty for 66 million people within the next 5 years, and over the next 24 months, our increased operations will see the TRINE platform channel 100 million EUR of crowd-investment into solar energy projects.”
“As a long-term investor with a great reputation in the market, Gullspång Invest will be a great fit in accelerating our growth and helping us achieve our goals. They invest in meaningful businesses, and they have an excellent portfolio of companies that we look forward to learning from.”
Magnus Brandberg, Partner at Gullspång Invest, adds: “The people behind the company are what counts, and we are fully convinced the team at TRINE has the skills, passion and endurance to make a real difference in the world. The crowd-investment platform developed by TRINE offers a very powerful solution to enabling access to clean energy for the people who need it most, and we are proud to invest in the team and the service TRINE is offering.”
“As a family-owned investment company, we think in generations rather than quarters, which means we prefer to provide companies with patient funding, in addition to time and advice when needed. Globally, there are over one billion people still lacking access to electricity, and we will do the best we can to help TRINE tackle this challenge, and work towards a world without energy poverty, no matter how long it takes.”
TRINE was founded in 2015 in Gothenburg, Sweden, by a team combining various expertise in renewable energy and project financing. The full team currently contains Sam Manaberi (CEO), Andreas Lehner (COO), Christian Genne (CTO) and Christoffer Falsén (CFO), and has expanded to include Hanna Lindquist (Communications & Customer Growth Manager), John Sandberg (Corporate Partnerships & Project Analyst), Niclas Sahlin (Front End-developer), Jennie Lindell (Web Designer), Jon Warghed (Data Scientist), and Matthew McShane (Regional Manager for East Africa).
With 1.2 billion people around the world currently lacking access to electricity, TRINE seeks to solve this problem by offering a novel crowd-investing model that connects disposable income from private individuals with local solar companies in emerging markets which are in need of financing. By doing so, TRINE enables its crowd-investors to earn a return on impact investments, while simultaneously providing local communities access to clean energy.
TRINE is also backed by a significant advisory panel, including Palle Stenberg (Nudie Jeans), Lena Apler (Collector Bank), Niklas Adalberth (Klarna), and Lars Jacobsson (The Perfect World Foundation). Andrew Reicher and Lars Thunell have now also joined the panel.
With a local office established in Nairobi, Kenya, TRINE is close to its core solar market in East Africa, and is fully regulated to operate within the UK and the whole European Economic Area.
About Gullspång Invest – (http://gullspanginvest.se/en/)
Gullspång Invest is a Stockholm-based family office with a long-term investment philosophy. It brings industrial knowledge, long term financial resources and an entrepreneurial spirit to its portfolio companies: ventures that can create and capture meaningful value using a scalable business model within industries such as energy, food, water, health, education and resource efficiency.
How TRINE works – (https://www.jointrine.com/how-it-works)
In developing countries and areas where access to off-grid electricity is scarce or unobtainable, kerosene and diesel are commonly used – fuels which are expensive, and hazardous to both health and the environment. According to the World Health Organization, 4.3 million people die prematurely each year due to illness linked to household air pollution, caused by the inefficient use of dirty fuels for cooking, heating and lighting.
Local, small-scale solar installations can replace these harmful fuels, offering a cheaper and healthier solution. TRINE removes the issue of upfront expensive costs to local communities with its crowd-investing model, which gives people the opportunity to support solar energy projects while also delivering a return on investment. The minimum amount one can invest per project is 25 EUR.
TRINE, a fintech startup and WWF Climate Solver honouree, holds a unique position in the market as the only platform in the world which focuses solely on crowd-financing solar energy access. The company has built up a wealth of knowledge in solar energy projects for rural areas of Africa, and to date, has already catalysed more than 1 million EUR of crowd-investments for thirteen off-grid projects in six Sub-Saharan countries, empowering over 120,000 people to escape energy poverty.
With a large pipeline of solar partners in emerging markets teed up for future projects, TRINE is democratising the finance of solar energy and creating a new for-profit business model that serves as a virtuous circle; benefiting investors, helping solar companies scale their businesses, and providing rural communities with the clean, renewable energy that they so sorely need.