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SOLshare Wins $1.46m in Sustainable Energy Competition
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SOLshare Wins $1.46m in Sustainable Energy Competition 

SOLshare has won the Sustainable Energy Competition 2020 receiving $1.46 million in total in support of the expansion of the company. Sustainable energy engine tycoon, EIT InnoEnergy, with a $120,000 cash prize and a $364,000 capital investment has spiked SOLshare’s position in the industry.  SOLshare wins $1.46m in sustainable energy competition.

SOLshare Wins $1.46m in Sustainable Energy Competition

SOLshare released info on their funds on 14th December 2020, stating that they have acquired $1.46 million of their target of $2.75 million. The EIT InnoEnergy awarded $120,000 million to SOLshare. This was from the EIT InnoEnergy’s annual sustainable energy competition

SOLshare is a sustainable energy support startup and follows through with the idea of peer-to-peer solar trading and in addition to that has internet-based services. The company has gained a lot of attention because of its new-age innovative approach to a sustainable energy source idea. 

SOLshare

SOLshare currently has 34 power grids all across Bangladesh and in addition, India. The company is helping lift society from energy poverty and has helped as many as 5,000 people. It plans to bring 350,000 households and small businesses across Bangladesh, India, the Pacific Islands, and Sub Saharan Africa, under their range of technology, which can definitely be called an ambitious goal.

According to an impact assessment that has recently been done, every $972,000 invested in SOLshare is bound to generate a social capital of $4.74 million. The managing director of SOLshare, Sebastian Groh, has mentioned,

“This investment and award are a milestone moment for SOLshare, our technology contributes to several of the UN’s Sustainable Development Goals, including energy for all, gender equality and climate action and every step towards our funding goal means that we can brighten even more lives.”

Sebastian Groh

EIT (European Institute of Innovation and Technology)

EIT is the European Institute of Innovation and Technology. This institute invests in organizations related to business, education, and research. Then helps those institutions collaborate against multi-dynamic world issues.

Judges from the panel have said,

“SOLshare’s submission stood out because its value proposition had the potential to transform rural power markets globally (…) We saw a unique match between impact and profitability.”

This year’s competition saw ideas on sustainable energy from 83 countries with 1098 applicants from all around the world. The Bangladesh-based startup won among all those companies. 

EIT InnoEnergy CEO Diego Pavia, while congratulating the winners, has stated,

“SOLshare has the potential to lift thousands of families out of energy poverty in a sustainable way by simply utilizing existing infrastructure in a smarter way. Alongside our investment, we are delighted to award SOLshare this cash prize and look forward to working collaboratively to deepen their impact.”

Diego Pavia

We look forward, with hope, to seeing a better sustainable world for all of us to live in and we urge entrepreneurs to come forward with ideas not unlike SOLshare so we can make progress and make more social impact.

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