Established in 2014, SOLshare has developed the world’s first peer-to-peer solar electricity trading platform for off-grid households in Bangaldesh. SOLshare offers a platform which enables the interconnection of users with and without SHS to a smart direct-current grid, while empowering communities to be solar entrepreneurs through selling their excess energy.
SOLshare has implemented projects across the country and continues to expand its current customer base of over 300 beneficiaries. Its unique strength for local technology development, market-driven innovation, and the ability for rapid prototyping enabled SOLshare to gain a strong local and international reputation.
Bangladesh faces significant unmet energy as its power generation is dependent on imported fossil fuel and natural gas. Furthermore, grid extension is not always feasible and in some cases technically challenging. Though Bangladesh has the highest density of SHS market in the world, under-electrified households, along with those with existing SHS require more energy for productive energy use equipment.
Impact
SOLshare is a triple bottom-line company; alongside generating a financial profit, SOLshare also creates environmental and social returns:
Increased access to reliable energy: With additional energy bought from SOLshare’s DC nanogrids, consumers and prosumers are able to utilize more life improving electrical appliances with clean energy.
Increased Income: By selling excess energy produced from existing solar home systems, producers and prosumers are able to earn additional income with minimal initial investment
Avoided GHG emissions: By utilizing additional energy produced through the DC nanogrids, SOLshare unlocks clean solar energy which would have been wasted. This eliminates the demand for non-renewable energy, reducing carbon emissions.
SOLshare and IIX
IIX has been a trusted partner of SOLshare since its early pre-revenue stage in 2012, supporting SOLshare as a mentor in securing seed funding of USD200,000 from ADB. IIX also worked with SOLshare under the ACTS Program to provide further assistance with the ultimate goal of raising growth capital. From support from IIX in technical assistance and impact assessment, SOLshare closed a USD1.66 million Series A round from a consortium of investors including IIX Growth Fund, Innogy New Ventures LLC (venture capital investment arm of the German utility firm, innogy SE), and a Portuguese utility firm, EDP. IIX continues to be actively engaged with SOLshare towards their next round of funding.
