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Bloomberg Philanthropies Invests $5m In Solar-Powered Lamps Made For Africa
According to an article published on VENTURES AFRICA, Bloomberg Philanthropies, the charity organisation of billionaire businessman Michael Bloomberg, has announced a $5 million investment in Little Sun, an artsy-looking solar-powered lamp designed to provide clean and affordable energy to off-grid populations in Africa who depend mainly on kerosene lamps.
Image courtesy of Pixomar / FreeDigitalPhotos.net
The investment which will be provided through a low-interest loan from the foundation marks its first support to a social business. It will help Little Sun expand its production and distribution networks in targeted markets.
Currently available in eight sub-Saharan African countries including Uganda, Kenya, Burundi, Nigeria, Ethiopia, Senegal, South Africa and Zimbabwe; the hand-held solar-powered lamp which lasts two to three years before needing a new battery was created by Engineer Frederik Ottesen and Danish artist Olafur Eliasson who is best known in New York for his 2008 public-art installation comprising four artificial waterfalls around the city.
According to Little Sun Company, the lamp can save households as much as 90 percent over three years compared to what they spend on kerosene.
This project has received funding from the European Union's Seventh Framework Programme for research, technological development and demonstration under grant agreement no 313203 Copyright © 2014 iMENTORS. All rights reserved.