Bangladesh is the global market leader in Solar Home Systems (SHS) installations, serving over 6 million households and 30 million people. Despite this overwhelming success, widespread energy poverty persists due to inadequate distribution networks, inherent system design leading to USD 1bn in excess energy from those SHS every year, while millions of people still lack access to reliable electricity.
SOLshare created the world’s first peer-to-peer energy exchange network of rural households and small businesses with rooftop SHS, enabling a more efficient distribution of electricity across rural communities. SOLshare’s innovative model allows households to become both a producer and a consumer of electricity generated by their SHS installations. One household can sell excess power into the microgrid network, where neighboring households or businesses can buy it in small increments using mobile money.
SOLshare’s energy exchange platform the SOLbazaar is comprised of the SOLgrid, a peer-to-peer solar micro-grid; the SOLbox, a smart bi-directional meter and the point of interconnection allowing users to buy and sell energy; the SOLapp, a user android app which allows SOLshare to design its grids through GPS locations; and the SOLweb, backend data infrastructure which shows energy consumption and exchange data in real time.
For every million dollar invested in SOLshare, the social return on investment (SROI) is 485%, or equal to USD 4.85 million.
According to the World Bank, off-grid solar products currently service over 360 million people globally, covering only 17 percent of the market potential. In Bangladesh alone, the untapped electricity market in off-grid remote rural communities is valued at approximately $1 billion. The Bangladeshi government has spent millions of dollars subsidizing energy costs within the national grid and on grid expansion, yet over 1,000 villages remain out of reach. If SOLshare’s groups of interconnected, peer-to-peer microgrids were to connect with Bangladesh’s national electricity grid, it would pave the way for a new global standard for electricity distribution. SOLshare is also cheaper and more sustainable than alternative polluting forms of energy such as diesel or kerosene.
● SOLshare successfully closed $3.15 million in equity financing to date
● Featured in the New York Times, Vice, Harvard Business Review, New York Magazine, Dhaka Tribune, Impact Alpha, Thomson Reuters, and more
● Winner of many prestigious awards and grants, including Winner of the Ashden Award, UBS Global Visionary, World Economic Forum 2018 Tech Cohort, 2017 UNDESA Powering the Future We Want Grant, Free Electrons – Best energy startup in the world.
SOLshare currently seeks:
● Closing its series B round of investments by mid 2021
● Connecting with engineers for assistance with tech development
● Filling two tech positions
● Global brand and marketing exposure