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ELEVATE

ELEVATE

GOGLA launched the ELEVATE program in 2022. ELEVATE provides training, mentoring and networking to African companies in the off-grid solar sector electrifying rural homes and businesses. This Africa-focused investment readiness program is specifically for locally-owned and managed off-grid solar companies.

ELEVATE is a pilot investment readiness programme under the GET.invest Finance Readiness Support. GET.invest is a European programme that mobilises investment in renewable energy, supported by the European Union, Germany, Norway, the Netherlands, Sweden, and Austria.

ELEVATE

Introduction to ELEVATE

African entrepreneurs in the off-grid solar industry have traditionally struggled to access funds, despite locally-owned companies offering valuable local knowledge when addressing the complex challenge of electricity access. Like women-led organizations, they generate higher impact, are more inclusive and earn better satisfaction rates than their peers, on average.

 

1st ELEVATE Cohort

The companies in the first cohort were based in 13 countries across Sub-Saharan Africa.

20 African clean energy leaders selected for pioneering programme

Read the full Article

2nd ELEVATE Cohort

The companies in the current cohort are based in 11 countries across Sub-Saharan Africa. Almost 30% of companies are majority female-owned and more than 60% have a majority female management. About 30% of the companies work with productive use of renewable energy products and services, including e-mobility, solar water pump distribution, solar irrigation, solar-powered cooling storage, and solar-powered drying.

The 2nd edition of ELEVATE launches to help African off-grid solar companies close the funding gap

Read the full Article

What do ELEVATE members receive?

ELEVATE members receive:

  • Access to tailored training materials based on a pre-assessment of company needs and operational bottlenecks. These trainings cover key topics such as fundraising strategies, working capital management and path to profitability recommendations.
  • Access to curated tools including an investor guide/prospectus to guide the companies through the investment/financing landscape.
  • Access to webinars which connect off-grid solar industry leaders with peers and other strategic investors/ TA providers to help them build capacity or raise financial capital.
  • Access to investor-focused events, such as the Energy Access Investment Forum, Zambia DRE Days and the 2024 Global Off-Grid Solar Forum.
  • Subsidized GOGLA membership for two years contingent on approval from the GOGLA Board and GOGLA Membership team.

Impact of ELEVATE

The first cohort (2022-23) secured a combined USD 1m of investment (within the project period). 

 

ELEVATE is currently supported by GET.invest, a European program which mobilizes investments in renewable energy, supported by the European Union, Germany, Norway, the Netherlands, Sweden, and Austria.

Sustainable and Lasting Change

ELEVATE addresses the gap in funding flows to early stage African owned companies. The support given is tailored for African off-grid companies that are posed and ready to scale, but lack the connections and exposure to investors. The core objectives of this program’s design have focused on empowering entrepreneurs to:

  • Understand investor expectations/due diligence processes for different kinds of financiers.
  • Advance their understanding of crucial operational topics such as unit economics, cashflow management and sales efficiency
  • Develop a good grasp on how to interpret and present of financial models and other relevant metrics to enhance their appeal to investors/ financiers
  • Create a big picture fundraising strategy and understanding of different kinds of investors/funds available that suit the business at different levels of their growth curve.
  • Curate a data-room with improved documentation and comprehensive information to pre-empt next steps in regard to investor discussions and their due diligence requirements
  • Develop an effective pitch narrative/deck and understand how to sell a compelling pitch to financiers
  • Advance their understanding and capabilities on completing funding applications
  • Create a plan on investor outreach and mapping to create a high potential pipeline of investors

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