Crowdinvesting platform TRINE closes Series A on €6m

Sweden-based solar energy crowdfunding platform TRINE has scored €6m for its Series A, which was led by Gullspång Invest.

This Series also saw commitments from investors including Berkeley Energy Africa chairman Andrew Reicher and International Finance Corporation’s former CEO Lars Thunell.

Founded in 2015, TRINE allows individuals to invest in local solar companies in need of funding and helping to bring solar energy to those without access to electricity. Investors choose from a range of projects on the site and if the funding is completed the money goes to the solar company to build a installation.

Once the electricity is set up, the consumers pay for its use in micro-payments, which is then used to pay back the lenders, including an interest rate.

With the capital TRINE hopes to increase its presence in East Africa and Europe, in a hope the increased funding capacity will help to provide 66 million people with access to clean energy by 2022, and saving 8 million tons of CO2 emissions annually.

Gullspång Invest partner Magnus Brandberg said, “The crowd-investment platform developed by TRINE offers a very powerful solution to enabling access to clean energy for the people who need it most, and we are proud to invest in the team and the service TRINE is offering.”

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