# SolarX

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/solarx

- Industry: Renewable Energy
- Headquarters: Bamako, Mali
- Website: www.solarx-africa.com
- Latest round: Series A (May 20, 2021)
- Investors on record: 1

## About

SolarX Ltd is a renewable energy company specializing in innovative solar energy solutions, including photovoltaic panels and energy management systems, aimed at enhancing energy efficiency and sustainability across diverse markets.Founded in 2020 in Bamako, Mali, SolarX Ltd focuses on developing solar energy solutions. The company has engaged in a total of 4 deals, with the most recent deal occurring on September 1, 2022. The team includes founders Florin Ilie, Karim Ghammache, Marian Cirstoiu, and Nuri Kayabas, with Karim Ghammache and Marian Cirstoiu serving as the current CEOs.SolarX specializes in the development and deployment of innovative solar energy solutions aimed at addressing the growing demand for renewable energy sources. The company's core product offerings include photovoltaic solar panels, energy storage systems, and smart energy management software, all designed to enhance energy efficiency and reduce reliance on fossil fuels. These products cater to a diverse clientele, including residential homeowners, commercial businesses, and utility providers, with specific end uses ranging from powering individual homes to supporting large-scale energy grid operations. SolarX products are strategically marketed in North America, Europe, and parts of Asia, emphasizing user-friendly designs and scalability to meet the unique needs of various customer segments.The revenue structure of SolarX is primarily driven by the direct sale of its solar energy products and subscription-based services associated with its energy management software. Transactions typically occur through direct-to-consumer sales for residential installations, as well as partnerships with commercial clients and utility companies for larger projects. Noteworthy products in the revenue mix include proprietary solar panel technologies and energy storage solutions that are recognized for their efficiency and reliability. The pricing structure reflects a competitive market stance, ensuring that customers can access high-quality renewable energy solutions tailored to their specific energy needs.In September 2022, SolarX Ltd raised an undisclosed amount of venture debt funding from new investor FMO as part of a larger EUR 5.5 million equity and debt funding round. The funding will be utilized for geographic expansion and team growth. The company is planning to launch new products that enhance energy efficiency and has targeted expansion into additional markets in Europe and Africa by 2024.

## Funding rounds

- Series A, May 20, 2021 — Aster Capital
- Series A, Jul 7, 2020 — Aster Capital

## Investors

- Aster Capital (https://capitalatlas.ai/funds/aster-capital) — Series A