ecoligo, a provider of fully financed solar-as-a-service solutions for businesses in emerging markets, raised €10 million (~$9.83 million) in a Series A funding round. The investment was provided by a new investor FRV-X, a venture division of Fotowatio Renewable Ventures (FRV), a global sustainable energy developer and power producer.

ecoligo said that the latest investment would help it provide solar energy to more companies in emerging markets and tackle the climate crisis through accelerated growth. In addition, ecoligo intends to develop its digital impact further investing platform and offer the opportunity to invest in its projects in more countries.

“With its focus on commercial and industrial facilities, ecoligo perfectly complements our activities in the field of large-scale solar farms,” added Felipe Hernandez, Chief Innovation Officer at FRV-X. “Our investment in ecoligo is sustainable in two ways, not only in terms of onsite green energy production but also the democratization of the investment in renewable assets, giving way to the small investor to take an active role supporting the emerging economies energy transition. The company has proven continuous growing capacity, thanks to the strong development capacities and commitment with the retail investors, which is a sign of long-term success and high resilience.”

Martin Baart, CEO of ecoligo, adds: “With FRV-X, we have found the perfect partner to enable even more companies in emerging markets to access clean energy. Through the alliance, we will not only be able to grow even more but offer more people the opportunity to contribute to the global energy transition through private investment.”

Last week, Yellow Door Energy, a UAE-based solar developer, announced the closing of $400 million equity to continue its development of sustainable energy projects in the Middle East, Africa, and beyond.

According to Mercom’s recently released 9M and Q3 2022 Solar Funding and M&A Report, in 9M 2022, venture capital (VC) funding activity rose 150%, with $5.5 billion in 72 deals compared to the $2.2 billion raised in 39 deals in 9M 2021.