TOKYO, Aug 28, 2019 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce its decision to invest in BBOXX Limited (BBOXX), a next generation utility.
Since its establishment in 2010, BBOXX has provided clean and affordable energy and other essential modern utilities. It delivers innovative solar home systems (SHS) consisting of solar panels, battery storage, and a variety of home appliances on a pay-as-you-go(1) basis. Using its real-time remote monitoring system, BBOXX Pulse, the company currently manages operation and payments for SHS in twelve countries.
According to UN statistics, the population of Sub-Saharan Africa will double in size to two billion people by the year 2045. Over 600 million of the region's current residents live in off-grid areas, beyond the reach of conventional transmission and distribution networks and where kerosene lamps have typically been the main source of indoor lighting. SHS is an important step in tackling this problem and presents a range of benefits for customers. The technology enables a safer, more reliable, affordable and environmentally friendly alternative to traditional lighting.
BBOXX also plans to provide other key utilities in addition to electricity, such as gas and water, along with fundamental consumer services, such as insurance and finance, in order to improve customers' living standards. The company will continue to develop a robust service platform capable of reaching a wide variety of customers at an even greater scale.
Leveraging its global network and synergy with NEoT Offgrid Africa(2), MC aims to add value to BBOXX as part of its strategy of to help realize a sustainable society by simultaneously generating important economic, societal, and environmental value.
(1) Pay-as-you-go: A mobile payment mechanism enabling customers to pay according to their energy usage.
(2) NEoT Offgrid Africa: A joint venture notably invested by MC and Electricite de France (EDF) that provides financing for developers of distributed energy projects in off-grid areas throughout Africa.
Reference: Mitsubishi Corporation to Invest in Distributed Power Supply Project in Off-Grid Areas in Africa dated on September 10, 2018
About Mitsubishi Corporation
Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.
For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058)
Topic: Press release summary
Sectors: Alt. Energy, Engineering
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