Japanese conglomerate Mitsubishi is putting investment in British solar firm BBOXX. Accordingly, the intention is to broaden the reach of the solar firm to Asia.
Previously, BBOXX was only operating in African countries such as Rwanda, Kenya, Togo, and the Democratic Republic of the Congo. The service works based on a two-year payment contract in which after the due date the service would be free of charge.
Furthermore, with the latest £40 million worth of investment from Mitsubishi, they are ready to penetrate deeper into other African markets as well as Asia. Their remotely-monitored solar systems would be possible to reach more people in Africa and Asia soon.
According to The Guardian, BBOXX thinks that Mitsubishi’s extensive reach and technological expertise would be very helpful. Accordingly, CEO and Co-founder Mansoor Hamayun believes that the company would be able to supply more people with the help of Mistubishi.
To date, BBOXX is one of the growing renewable energy firms that has a huge demand in Africa and South Asia. In the future, the company also wants to broaden their services into gas, water, internet, and loans.
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Solar Energy Business in Asia
The rapid industrialization in Asia forces Asian countries to convert to safer form of energy. Considering the high demands of energy, using coals would not be safe anymore.
Hence, this is why solar energy business in Asia is predicted to be a big thing. For instance, populous India and Southeast Asia are suitable for the use of solar energy.
Although India has started to build solar farms, the construction does not happen rapidly in Southeast Asia. However, governments are starting to plan erecting the panel farm soon.
Apart from industrialization, Asia is a suitable spot for this kind of business. This is because Asia is the most populous continent with China, India, and Indonesia in its arsenal.
Accordingly, huge population requires huge energy supply as well. Prediction says that in 2035 there will be massive needs of energy in the continent. Thus, this is a truly window opportunity for solar energy business to penetrate Asian market.
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