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.
This project has received funding from the European Union's Seventh Framework Programme for research, technological development and demonstration under grant agreement no 313203