EcoZoom receives funding from EEP Africa
Mid-2018, The Energy and Environment Partnership covering Southern and East Africa (EEP Africa) invited applications from early stage off-grid and on-grid clean energy projects in the active development phase in its 14th EEP Africa Call for Proposals. EEP Africa was looking for projects with strong concept innovation, development impact, and business model & financial sustainability. Recently, EEP Africa approved 29 projects to receive funding from the Energy and Environment Africa Innovation Window. We are pleased to announce that one of the winning proposals has been developed with the assistance of Advance Consulting.
EcoZoom East Africa Limited is a company based in Kenya that designs, manufactures and distributes fuel-efficient cookstoves and solar-powered lighting. EcoZoom offers customer financing in cooperation with a variety of MFls. To reach underserved people in Kenya, for whom affordability and visibility are key, EcoZoom will pilot a layaway (savings) customer financing scheme, implemented through a B2C retail channel, as opposed to its current B2B channel which relies on re-sellers to offer end-costumer financing. For households, using layaway to purchase a product increases affordability compared to PAYG and MFI financing, as they do not need to bear high-interest rates and risk margins. In the approved EEP project, EcoZoom intends to reach 15,300 households at the Bottom of the Pyramid. Should the pilot be successful, this will lead to an investment in over 15 retail stores. Within five years, EcoZoom foresees to sell 186,750 solar solutions and clean cookstoves through its retail channel, opening up the clean energy market for lower income households through its innovative flexible savings and re-payment scheme.
Advance Consulting supported the company throughout the application trajectory, including the development of the project proposal and assistance with the required due diligence activities. Interested to learn how Advance Consulting can assist your company in developing a winning proposal? Contact us to find out whether your proposition may qualify for grant funding.