I-G3N is a company that creates lithium-ion batteries. Recently, it has raised $1.3 million in funding.
Edge Growth and ASISA ESD initiative just invested in I-G3N, I-G3N being the only black empowered female-owned SME to successfully create lithium-ion batteries exclusively for the African territory.
Serving over 60,000 solar and backup power system installations in Africa, I-G3N is just one of the few South-African lithium-ion battery manufacturers, with the lowest failure rates in the market.
In recognition of I-G3N’s capability of designing, developing and manufacturing battery energy systems, Edge Growth partnered with ASISA ESD Initiative and Secha Capital to push I-G3N’s mission. Expressing his views on the partnership, Shrivar Mohan, Edge Growth’s Investment Principal says “we are excited to partner with both I-G3N and Secha Capital in a transaction that embodies our mission to invest in local, impactul, innovative and high-growth businesses, and to team up with outstanding, values-aligned, and value-adding investment partners”.
Secha Capital has been assisting I-G3N with formalizing operations and redefining its go-to-market strategy for the past six months. “We are pleased to welcome the ASISA ESD project and Edge Growth to I-G3N at this critical juncture, when the cash supplied will have a catalytic impact both in terms of financial growth and job creation” Yusuf Shaikh, principal at Secha Capital said.
On their part, Tumi Mphalele, I-Chief G3N’s operations officer expressed his views on the partnership thus: “we are thrilled to join forces with the ASISA ESD program and Edge Growth to further our aim of making sustainable energy accessible and cheap to everyone of Africa. This investment will enable us to fulfil the growing need for high-quality, locally manufactured and reliable battery storage solutions”.
This investment will not only assist I-G3N, but it will also increase renewable energy adoption, create jobs and upskill local people who are in the growing business of energy storage.