M-KOPA Solar has been recognized as a new energy pioneer at the Bloomberg New Energy Finance Summit, held in New York on 7th April, 2014. M-KOPA Solar has been identified among ten progressive innovations in the field of clean energy.
This year the independent panel of industry experts selected the winners from numerous applicants from around the world, assessing them against three criteria: innovation, demonstrated momentum and potential global scale.
"We were impressed by the strength and breadth of innovation in this year's New Energy Pioneer candidates and their potential to accelerate the next wave of industry growth," said Michael Wilshire, Selection Committee Chair and Head of Analysis of Bloomberg New Energy Finance.
M-KOPA Solar brings together asset financing, mobile technology and solar innovation to connect off grid, low-income homes to energy. Customers buy a solar home system on a mobile payment plan, with an initial Ksh 2,999 deposit, followed by 360 daily payments of Ksh 50.
Jesse Moore, Co-Founder and Managing Director, M-KOPA Solar said it was an honor to be recognized as a new energy pioneer.
"We dedicate this to our 60,000 pioneering customers in Kenya and Uganda. By connecting to M-KOPA Solar they are investing in a better, healthier, brighter future for their family. This award is made possible by the hard work of the M-KOPA Solar staff and agents, as well as our fantastic partners and investors."
M-KOPA Solar systems are sold in partnership with Kenya's leading mobile operator, Safaricom and the customer payment plan is offered through Safaricom's mobile money platform, M-PESA.
Safaricom CEO Bob Collymore has hailed the social enterprise model adapted by M-KOPA Solar which solves real problems for thousands of rural homes.
"At Safaricom, we are proud that M-PESA is the medium used to access and pay for these transformative devices. We are aiming to power up one million homes across Kenya by 2018 and together we're going to focus our innovation on products and services such as M-KOPA Solar, which positively impact on current and future generations." adds Collymore.
The solar lamps are embedded with SIM card with the mobile money platform which allows the system to disable if payments are missed and reactivating it when customers catch up.