Investor Portfolio Overview

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Investor Portfolio Overview May 2018

SF catalyses sustainable and scalable solutions to global development challenges

Structure: UK registered charity (established in 2000)

Governance: Mixed Board of Trustees

Funding: Up to $40m per year

Independence: SF Business Principles

Enterprise models Co-creation More than

money Independent but linked

Sustainable Mobility Access to Energy

SME Growth

Focus Areas

Shell Foundation Mission

SF Experience

Shift to enterprise-based philanthropy (2003)

Additional role as market facilitator (2010 -2011)

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Enterprise Focus to Market Focus

STEP 1 Catalyse

STEP 2 Pilot

STEP 3 Create pioneer

STEP 4 Scale

STEP 5 Tackle market barriers

STEP 6 Market building

Financial Sustainability

Operational break-even

Market impact

Pioneer impact

Disruptive Innovation

• Early Lifting• BOP Demand• Value Chain Innovation• Financial Innovation• Human Capacity• Market Institutions

Demonstrate Scale & Sustainability Build Market Infrastructure

Growing Supply • Differentiated Incubation• Market Pioneers: First Mover Disadvantage• Business Support vs Technical Assistance• Attract & Retain Talent• Effective Governance

Building Demand • Map consumer preferences• Social Marketing• Willingness & ability to pay• Supply Chain Management• Distribution Partnerships• Quality Assurance

Institutional Support • Supportive policy environment• Standards & regulation• Industry benchmarks• Interface with public utilities• Transparent Market Data• Impact Measurement / M&E

Structured Finance • Risk & Growth Capital for ALL stages• Blended Finance• Enablers to Offset Risk (Grant to PRI)• Working capital in value chain• Project Finance /Asset Finance• Impact Monetisation

Leveraging USPs to Accelerate Market Growth

Foundations, Governments, NGOs, DFIs, Social Investors, Private Sector

MARKET BUILDING DISRUPTIVE

INNOVATION DEMONSTRATE SCALE AND SUSTAINABILITY

Improving Effectiveness and Efficiency

Cumulative Impact 2017

Jobs Created 102,024

Livelihoods Improved 102.4 million

Carbon Reductions 19.2 m tonnes

Leverage $6.69 billion

2018 Target

172,585

129 million

24.5 m tonnes

$7.19 billion

Market Development Strategy: Amplify ImpactTackle institutional barriers & facilitate effective deployment of blended capital

to accelerate market growth.

Global Off-Grid Lighting AssociationGlobal Alliance for Clean Cookstoves

Industry InstitutionsOff-Grid Utility Association

Rwanda: Market Coordinator & Trade Association (EPD)Uganda: Neutral Accelerator (Open Capital)

Local Accelerators Ethiopia & Nigeria Accelerators

Impact Valuation (Future Fit)Facilitating Social Investment (AVPN, Intellecap Africa)

Market InfrastructureInvestor Transparency

Last Mile Distribution Frontier Market AnalysisRural Utilities Agri-EnergyGender Impact BOP Consumer Behaviour

Learning & Analysis Energy StorageMobility in Africa

Incubation

Marketing & Communications AdvisoryInvestor Readiness + Targeted Engagement

Build DemandResource Centre

Last updated: May 2018

Household Services Energy for Business Off-Grid Utilities

Ente

rpris

es

Biomass Cookstoves Envirofit

Solar Lighting/PAYG Solar M-KOPA, d.light, PEC, BBOXX,

Green Light Planet, TBD West Africa

Off-grid power – biomass, solar, hybrid Husk, Redavia, Absolute, TBD Nigeria

Agri/Energy: Renewable power for business – irrigation, processing, cold storage

VIP, SunCulture, Inficold, InspiraFarms, S4S*

Waste to Energy/New Fuels Sistema.bio, Envirofit PAYGO LPG, The

Nature Conservancy (Sustainable Charcoal), TBD

City Resilience Rooftop solar Orb Energy

Rural Last Mile/ Product Distribution DharmaLife, Belcash

Working Capital responsAbility

Outsourced Incubation** Sangam, CIV, Factor[E],

Zone Startups India

Carbon Finance, RBF BIX Capital,

Cardano - FFS

Catalytic Institutions/ Industry Bodies GACC, GOGLA,

AMDA

Energy Project Finance

CrossBoundary

Market Acceleration EPD, OCA, Precise,

Nigeria TBD

Credit Assessment/Debt

Lendable, LendEnable

Growth stage debt GroFin, Calvert, EEF, AFDB

Big Data/Software Fraym, Catalyst

Corporate Partnerships Vodafone, Unilever,

MasterCard, Orange, TBD

Human Capital Shortlist, Anthropower,

AMI

Microgrid Design Platform Odyssey, Homer Energy*

Storage/ Battery Technology

Aceleron, TBD

Multi-product finance, advisory, industry convening Aavishkaar-Intellecap Group

(includes IntelleGrow)

Smart Metering SparkMeter

Energy Efficient Appliances, Refrigeration SureChill

Enab

lers

Fi

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Integrated Models ECOF (Incl. District Model)

Core Partners | Last Incubation | *Factor[E] Portfolio | 2018 Incubation

Consumer Finance

IFC/GLP Nigeria

Market/Financing Intermediary TBD

Distributor Finance

SunFunder

Bridge Financing Vehicle Energy Access Growth

Vehicle

Agri and Productive-Use Asset Finance Apollo, AgSol*, RTO

Impact assessment/advocacy Value4Women, Future Fit

**Note: This slide does not include the portfolio of outsourced incubation partners—Sangam, CIV & Zone Start-ups

Access to Energy Portfolio

Rural Services Urban Services Freight Services

Service for Water Isolated communities Globology

Last-mile retail freight aggregation Tusker, Twiga, Crofarm*

Platform Services/Market Intermediary/ Commuter financing

OkHI (TBD)

City & Public Infrastructure WRI-EMBARQ,

Integrated Transport City Model

MNC Standards & Certification for low-carbon freight transport

Smart Freight Centre

Electric Vehicles – Technical & B-Model trials SMV Green Solutions,

Ampersand Solar*, EV–Mini Grids Pilot

Ente

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Short term debt** Lendable, GroFin

Clean transport and storage solutions TBD

Ride Sharing/Hailing & Driver Welfare SafeBoda,

Bussi, Commut, MAXGo

Asset Finance Tugende

Public Transport services data platform WhereIsMyTransport

**Lendable and GroFin are overlapping across A2E and Mobility

Sustainable Mobility Portfolio

Core Partners | Last Incubation | *Factor[E] Portfolio | 2018 Incubation

STATISTICS

Established: 2013 SF partner since: 2015

Organisation size: 11

Areas of operation: Uganda, Rwanda

Partner Stage & Projected financial sustainability: Validation

Investment secured: $3.4 million (32% from SF)

Absolute Energy – Off-grid utility fund ACCESS TO ENERGY

www.ae-capital.com

$2 million non-SF funding raised to date

Key achievements over last 12 months

• Green Climate Fund in DD for $50m for a $100mfund (Absolute adding an investor model)

• Developed 4 new sites in Rwanda and Uganda,procurement starts early June

• Launched an appliance leasing model and anice/water business in Uganda to increase demand

12 months outlook & funding required

• 4 sites completed and 5,000 additional peopleconnected with 24/7 power

• $100m fund raised for on-grid and off-gridprojects

Areas of SF support

• SF Business Advisor andDeputy Director supportAbsolute in strategic planning,org structure design,fundraising, networks

• SF supported onappliance/productive-useasset sourcing with supportfrom China Impact Sourcing

$50 million being raised from GCF for Fund

Absolute Energy is an off-grid utility developer and is raising a rural utility fund committed to cross subsidising returns between on-grid projects and off-grid

SF strategic alignment:

• Raising a fund for rural utilityprojects allowing the sector to scalealigns with the SF off-grid utility(OGU) strategy

• Investing and building holistic OGUmodels including appliances, smallbusiness incubation and smartdemand management systems


INVESTOR BRIEF

4 new sites developed to continue testing model

v

BBOXX – PAYG energy for off-grid households and businesses ACCESS TO ENERGY

STATISTICS

Established/SF partner since: 2010/2017

Organisation size: 580 + Agents

Areas of operation: Global. Key markets include Rwanda, DRC, Nigeria and Pakistan

Partner Stage & Projected financial sustainability: Scale-up and Viable

Investment secured in 2017/18: $21.19m (1.65% from SF)

63m Potential DRC market size

BBOXX is a vertically integrated company that is involved in the design, manufacturing and distribution of solar home systems and larger solar systems for productive and business use, including consumer finance component (PAYG)

SF strategic alignment: • Capacity, systems and processes of

established PAYG player allow for efficientreplication into large, frontier markets likeDemocratic Republic of Congo (DRC)

• Varied and extensive product range toserve households and businesses.

www.bboxx.co.uk


• Geographic expansion into DRC, Pakistan & Togo• Successful pilot of Enterprise (KW level PAYG product

including launch of PULSE platform for product,business and customer management

• Successful in raising local (currency) debt in Rwanda& Togo

• Launch of $50m BEAM fund, to deploy equity intostandalone DSCOs such as BBOXX DRC (or others thatuse the PULSE platform


• Fundraising: $50m equity by end of 2018• *Fundraising: $6m in equity and $4m in debt • Launch of VAS (Gas, Internet) and Metering demo

Areas of SF support

• Support in setting-up PAYGbusiness in DRC– $300k grant/6months

• Regular support as advisors toExpansion Manager/MD

• Follow-on SF funding for furtherexpansion in Eastern DRC

• Business Manager and BusinessDevelopment Advisor to supportscale up in DRC.


97+ jobs created in DRC alone

140K+ homes electrified by BBOXX

INVESTOR BRIEF

*BBOXX DRC

Cardano Development and BIX Fund − Monetisation of impact created by social businesses ACCESS TO ENERGY

STATISTICS

Established/SF partner since: 2013


Areas of operation: Global

Partner Stage & Projected financial sustainability: Validation/pioneering

Total investment secured: $11.5m (17% SF)

7 million targeted lives impacted by 2020

Cardano Development is the holding company of BIX Fund. SF has worked with BIX Fund to provide upfront finance to social enterprises that have agreements with third parties to pay for impact. SF now started working with Cardano to create a world-first model to monetise health benefits based on ‘Averted Disability Adjusted Life Years’ (ADALYs) from clean energy solutions through a Develop-ment Impact Bond (DIB).


Initiatives in line with and directly support SF’s revised cooking strategy, i.e. financial innovation to unlock more capital in the clean energy sector.

www.cardanodevelopment.com


• BIX: first $10m investment in BIX Fund closed:first 4 financing agreements deployed• Established pipeline of $20m-30m for carbon• Cardano: Health benefits monetisation project

approved by SF SMT. Groundwork in progress:country + partners selected and conversationwith potential impact buyers underway

Outlook for next 12 months

• BIX: further fundraise ($10m) by Q1 2019 anddeliver current investments• Cardano: set-up partnerships and model for

health impact monetisation through ADALYs

Areas of SF support

• SF grant funding to set-up healthimpact monetisation throughADALYs - $445k/24 months

• Strategic input and assistance onpartners, potential investors,impact buyers, market andpipeline

• Promotion of BIX Fund to existingSF investment partners

• Participation in InvestmentCommittee and Board


$11.5m of investor commitments

4 deals approved

INVESTOR BRIEF

Calvert Impact Capital − Access to finance & gender lens investing thought leadership ACCESS TO ENERGY

15X leverage of SF grant funds targeted from Calvert (direct and through syndications)

SF strategic alignment: •CIC invests capital raised from retail and

institutional investors into socially impactdriven enterprises and intermediaries.

•Grant provided to CIC unlocks long-termdebt and creates a scalable, blended capitalarrangement, creating a capital continuumto invest in the energy and mobility sector,leveraging at least $45m of lower cost debtinvestments, in local currency whereappropriate

• Developing thought leadership for thebenefit of the sector (both practitionersand investors)


• Three investments totalling at least US$17mapproved to close in 2018

• High level prioritisation of SF partnerscompleted with path to potential investments

• Launch of gender lens investment framework


• Approving an additional minimum 3investments crowding another $30m+

• Programme of gender lens investing,advocacy and mobilisation to be completed

Areas of SF support


3 million Lives improved by 2021

$200 million Investment leveraged by $3m grant including partner investors

INVESTOR BRIEF

www.calvertimpactcapital.org

STATISTICS


Organisation size: 38 people

Areas of operation: USA HQ, Globally

Partner Stage & Projected financial sustainability: International Expansion

Total investment secured: US$ 2bn Assets raised and deployed

• Creating a capital continuum forclean energy enterprises throughcreation and capitalisation ofdedicated financial intermediaries

• Sharing of incubation of innovativebusiness models & solutions (grantfunding, TA, etc.)

• Developing and disseminatingmarket intelligence, incubatinginnovative business models &solutions

• Using convening power to advocatefor gender lens investing

STATISTICS



Areas of operation: China

Focus: Access to Energy, Mobility

Total investment secured: $5.1 million (50% from SF)

China Impact Ventures – Outsourced incubation ACCESS TO ENERGY

www.chinaimpactventures.com

$12.3 million investment leveraged

261,843 tonnes carbon reduced


• Refreshed pipeline to Africa-relevant deals – 2expected to complete over next quarter• Spinning out sourcing business into its own

entity to scale – Asian Development Bankcommitted initial $50k to support


• Close an additional $2m funding• Complete ~2-3 new investments relevant for

impact sectors in developing markets• Pilot with Equota completed to disaggregate

metered data by appliance level for Off-gridutility site

Areas of SF support

• Co-created by SF and NaturalWorld. SF support in establishingstructure, strategy, hiring• SF brings learnings of off-grid

sector, exposing CIV to the end-usecustomers/SF partners in country• Business Adviser and Deputy

Director on I/C and guiding futurestrategy and partnershipdevelopment• Shell China support from SF

country manager and pro-bonostaff (particularly Shell TechWorks).

4 Enterprises incubated so far

A China-based accelerator investing in high potential energy or mobility technologies that can accelerate SF’s core mission in other markets. Spun out a sourcing entity to support the development sector on sourcing, manufacturing, new tech identification in China.


• Strong value add for SF portfolio toachieve their mission

• SF mission to support sector oninnovation and cost reduction


INVESTOR BRIEF

CrossBoundary Energy – Commercial and industrial solar finance for captive power plants ACCESS TO ENERGY

STATISTICS


Organisation size: Team of 6

Areas of operation: Kenya, Rwanda, Ghana, Nigeria, Sierra Leone

Partner Stage & Projected financial sustainability: Scale-up

Total investment secured: $9.2m (+$2.25m grant from SF. 19.7% of total)

50Mw of solar to be financed in 4 years

Invests, builds and operates solar installations for commercial and industrial uses – 0.05Mw-10Mw. Provides long-term power purchase agreements to supply cleaner and cheaper solar energy to established businesses. Aims to reduce buyers electricity cost by 30%+.


Encouraging more clean energy investment into SSA and development of commercial and industrial solar investment asset class

• Demonstrating solar as a reliable and cost-effective source of power for industry.

www.crossboundaryenergy.com


• Committed all $9.2m of initial equity toprojects. Contracting with bluechip customerse.g. Heineken, Diageo, Unilever, Coca-Cola.• 1st ever C&I PPAs in Kenya, Ghana and Rwanda• In final stages with OPIC to provide a $3m

credit line to the initial project portfolio• Path to positive unit economics confirmed


• Raise $50-75m in equity and debt• Contract on 18MW of additional solar capacity• Projects: Kenya, Ghana, first projects in Nigeria

Areas of SF support

• Jointly exploring areas of innovativeproductive uses, e.g. agri-processing, mini-grids, integrationwith storage• Management and market entry

support• Partner connections and

relationship support• Developing and positioning the

capital raising thesis• Joint work on capital raising• Design mini-grid financing product


$75 million investment fund-raise started

21.4% firms in Africa cite A2E as biggest obstacle

INVESTOR BRIEF

d.light – Solar powered solutions for those without access ACCESS TO ENERGY

STATISTICS


Organisation size: 800+



Investment secured in FY2018: $30m 3.9m Tonnes of carbon reduced**

Design and manufacture affordable pico solar energy products, including PAYG option. Expanding range to fridges, fans & TVs. Innovative distribution models to reach low-income consumers & businesses. SF strategic alignment: • 1.3bn people in world lack access to

modern energy solutions costly, time consuming, unhealthy and unsafe

• d.light has a replicable business model,which SF leverages to deliver results, i.e. addressing long-term market challenges such as scaling up in difficult markets, affordability and distribution

www.dlight.com


• Raised in FY18: $7m convertible/$23m debt• Strong focus on cost cutting and profitability

paid off• Solid revenue growth, mainly through PAYG

expansion (Kenya, Uganda)


• Deliver predictable and profitable growth• Further PAYG growth• Funding needs and debt

Areas of SF support

• Ongoing support in PAYG model/assembly pilot in Ethiopia – $1.5mSF grant

• Acceleration of PAYG model inEthiopia started (licensing)/expansion into Sierra Leone –$1.5m SF grant

• SF on d.light board and businesssupport through business manager

• Business support for Ethiopia PAYGmodel and FX availability, alsothrough Ethiopia marketaccelerator


805 Jobs supported

51m+ Livelihoods improved*

INVESTOR BRIEF

** corrected for adjusted calculation method

Dharma Life (DL) – Last Mile Distribution and Behavioural Change ACCESS TO ENERGY

STATISTICS

SF partner since: 2010


Areas of operation: India

Partner Stage & Projected financial sustainability: Scale, 2019

Total investment secured: $11.09m (64% from SF)

13,000 entrepreneurs (80% women)

36,000 villages access and influence

9.8 million Livelihoods improved

Builds and trains a network of 13,000 rural entrepreneurs. Makes social-impact products accessible and affordable in rural markets. Conducts innovative campaigns and research (impact and ROI can be tracked in real time) to create market demand SF strategic alignment:

• Conducting behavioural change, providingconsumer finance and developing arobust supply chain is essential to reachlow income consumers, yet inefficient forevery product company to develop. DL isone of the few financially viable end-to- end last mile distribution companiesdistributing a range of products.

www.dharmalife.in


• Grown revenue by 189% from $2.5m to $7.2m,improved EBITDA from -78% EBITDA to -23%EBITDA,• Restructured the organisation to attract

diversified funding, from: results basedfinancing, debt, local Indian equity• In the process of securing $1.5m in working

capital.


• 2018 Revenue: $13m, grow to 16,000 DLEs,and achieve EBITDA breakeven within 15months

Areas of SF support

• Actively support fundraise forscale, $8m (low cost debt,working capital, results basedfinancing, equity and grant fromaligned investors), of which $2mto be raised in 2018.• Support creation of a financial

services arm to finance needs of13,000 entrepreneurs and theircustomers• Strategic advisory, and governance

on DL advisory committee• Leverage Shell senior mentors


INVESTOR BRIEF

Envirofit – Innovative clean cooking solutions ACCESS TO ENERGY

STATISTICS




Partner Stage & Projected financial sustainability: Growth and Viable

Total investment secured: $49.2m (58% SF) 3.7m

Tonnes of CO2 reduced*

Designs, produces and markets affordable biomass stoves through innovative distribution partnerships. Starting pay-as-you-go LPG (SmartGas) model as well. Reduces emissions, fuel costs and cooking time. SF strategic alignment: • Cooking energy crisis for lowest-income

customers: 3bn people without cleancooking solutions; 4.3m deaths annually.

• SF revisited Clean Cooking Strategy toaddress persistent barriers.

• As a global, scalable market leader,Envirofit has the capacity and experience todeliver part of the SF strategy, i.e. in newtech and business models.

www.envirofit.org

Areas of SF support

• SF support to Envirofit:o SmartGas LPG pre-

commercialisation and techtrials – $700k

o MFI partnership pilot inPeru/Mexico with IADB –$200k

• SF on board of Envirofit• Business manager support in:

identifying investments/grantopportunities + business modeldevelopment PAYG LPG


8m Livelihoods improved

1.6mStoves sold

INVESTOR BRIEF


• 2017 revenue $22.3m/EBITDA positive• SmartGas LPG pilot successfully finalised in

Ghana and Kenya, high potential to bring tocommercialisation, disrupt market realities anddrawing lot of interest from investors


• SmartGas LPG rolling out in Ghana, Kenya andIndia

• Raising equity + debt in 2018• SmartGas growth in key markets and focus on

positive cash contribution from biomass stoves

* Updated calculation method

Factor[E] Ventures – Early-stage disruptive innovation ACCESS TO ENERGY

www.factoreventures.org


STATISTICS



Areas of operation: India, Kenya, US, UK

Partner Stage & Projected financial sustainability: Scale up by 2021

Total investment secured (including future): Over $18.4 million (56% SF and 24% DFID/ USAID)

Disruptive incubation model

Identify disruptive, high risk technologies to solve critical market failures along the energy, agriculture, waste and mobility value chains. Provide risk capital, technology and execution support for early stage venture acceleration and improved follow-on pipeline

SF strategic alignment: • Core to SF innovation and technology

driven approach to finding new solutionsto challenges in emerging markets

• Equity capital is complementary to SF andhelps to attract additional types ofinvestors to fill early stage funding gaps


• Growing portfolio, with multi-year fundingcommitments from Stone Family Foundation,and USAID (PACE as well as Powering Ag)• Growth into agriculture and sanitation sectors• Has developed path to long term sustainability


• Make 4-6 new investments in 2018; launchmicro-grid productive use programme inpartnership with Rockefeller Foundation• Raise follow-on fund and realise first exits from

seed investing work to date

Areas of SF support

• SF support Investment Committeeand pipeline Due Diligence• Board support and governance in

testing business model growth• SF and Factor[E] co-developing

Impact Measurement and InvestorTransparency Database• Thesis development and sector

learning sharing• SF support in growing target list of

investors into Factor[E] as well asportfolio companies

INVESTOR BRIEF

$7.4 million Equity committed to 16 enterprises

>$40 million in follow on investment

Global Off-Grid Lighting Association (GOGLA) – Catalytic institution ACCESS TO ENERGY

STATISTICS




Partner Stage : Scale up

Total investment secured: $5.25 million (45% SF)

72 million People benefit from improved solar via GOGLA members

Not-for-profit industry association created to accelerate the growth of off-grid energy providers serving low-income households


• GOGLA addresses major “institutional”barriers related to policy, regulation,standards, accurate market data andaligning investor incentives.

• The aim is to create a supportive enablingenvironment to allow off-grid enterprisesto scale.

Areas of SF support

• SF governance role as BoardObserver + Chair of AdvisoryBoard

• Management support to deliverstrategy, improve impact andeffectiveness, monitor risks andfundraise

• Support GOGLA to link effectivelywith major donor and multilateralinitiatives


34.7 million solar products sold by GOGLA members in Africa, Asia & LATAM

www.gogla.org

INVESTOR BRIEF

Key achievements over last 12 months • 130+ members (T1/2 manufacturers + distributors)• Increased management capacity (2 new deputy

directors + regional directors in Africa & India)• Industry-approved standards submitted to the IEC• Hong Kong conference attracted 670 market actors

and scored highly for business value• 2 major publications on sales & market trends in

2018, endorsed by IFC, SE4ALL and AFDB.

Outlook for next 12 months • Secure funding commitments for next 3 years• Strengthen partnerships for national advocacy• Mobilise local investment• Strengthen consumer protection

Greenlight Planet – Solar lanterns and home systems for off-grid households and businesses ACCESS TO ENERGY

STATISTICS



Areas of operation: Global. Key markets include Kenya, Uganda and Tanzania


Investment secured in 2017/18: $60m debt/equity

1.4m *Tonnes of carbon reduced

Designs and manufactures affordable solar energy products, including consumer finance component (PAYG). Creates innovative distribution partnerships and direct sales network to reach low-income consumers and businesses SF strategic alignment: • Varied product offering allows GLP to serve

a wide range of customers with solar lanterns through to bigger SHS and TV systems

• High quality, affordable (PAYG) energysolutions with different payment options available

• Business model enables quick scale up

www.greenlightplanet.com


• GLP has successfully expanded in Nigeria, furtherexpansion expected this year with SF support

• GLP is the No.1 PAYG company in Kenya by no ofunits sold


• Business expansion into north-east and otherremote regions in Nigeria

• $40 million in debt, equity and grant funding

Areas of SF support

• $1m of follow on funding approvedfor scaling operations into ruralNigeria

• GLP working with a data analyticscompany, Fraym, on a pilot toexplore the use of geospatial datato gather consumer insights

• Business Development Advisor andBusiness Manager support in placeto help both local and global teams


4,500+ *Jobs supported

30m+ *Beneficiaries

INVESTOR BRIEF

*Figures quoted are for GLP globally

Husk – 24/7 Reliable power to households and businesses ACCESS TO ENERGY

STATISTICS



Areas of operation: India, Tanzania

Partner Stage & Projected financial sustainability: Scale up & Viable

Total investment secured: $38 million (17% from SF)

$20m raised in series C equity

Designs, builds, owns and operates Solar/Biomass, grid compatible plants, providing 24 hour affordable power to households and businesses.

Leader in the sector on experience, scale and unit economics.


• Core to SF’s A2E strategy of providingreliable affordable energy to low incomehouseholds and businesses

• Most financially viable off-grid utilitywith low capex and strong corporatepartnerships.


• Closed $20m equity from Shell, Engie RDE andSwedfund (anti-trust filing aiming to completeQ218)

• 11 sites currently, 35 developed with leaseagreements, Mahindra as EPC partner


• Key Challenges: Delays on implementationwhile waiting for funding to deploy, agreeablepolicy in Tanzania

• 45 sites built with +65,500 connections• Raising $20m debt in 2018

Areas of SF support

• Strong SF support during Series Cfundraise. Dedicated SFcommunications support forrebranding. New logo, collateral,pitch deck, website

• Continued support in hiring,investor relations, board prep,strategy, implementationprocesses

• Leveraged Shell pro-bono supportin modelling and HSSE

• SF on Board and led turnaround2014-2016


www.huskpowersystems.com

< $2.4 per W CAPEX costs - lowest in sector

> 11 new hybrid sites running

INVESTOR BRIEF

InfiCold – Efficient off-grid cold storage for agriculture ACCESS TO ENERGY

STATISTICS



Areas of operation: India (soon in Africa)

Partner Stage & Projected financial sustainability: Pilot/Proof of Concept

Investment secured: $1.55 million (80% from SF)

InfiCold designs, manufactures and sells innovative affordable thermal energy batteries for off and on-grid cold chain (milk, produce, AC, meat, refrigerated trucks). Key IP is a proprietary refrigeration cycle, two phase heat transfer; this enables 2X higher energy density than competitors. The thermal battery is plug and play and retrofittable, similar to other traditional battery technologies – limited behaviour change.

Strong team with PhDs are leading recognised experts in the field of thermal management and cooling

SF strategic alignment: • Lack of affordable energy storage is a major

barrier to achieving A2E, especially for cold chainwhich requires 24h energy and is dependent ondiesel genset or batteries• InfiCold technology enables dairies to extend their

supply chain to villages and create rural collectioncentres, doubling farmer income and linking themto a formal supply chain

www.InfiCold.com


• Pilot with Indian National Dairy Development Boardprogressing well; integration with solar ongoing

• Results from pilot with Hatsun (large private dairy playerin India) shows much better performance compared tonearest competitor

• Strong interest by SERAP (leading supplier of bulk milkcoolers globally) for technology licensing

• InfiCold solution costs $4k, cheaper than genset capexand has limited opex (for a 1000L milk collection centre)


• Raise $1.5m equity by Q1 2019• Strengthen management team (hire COO/CTO)• Reduce product unit cost by 20%• Convert current proof of concept installations (3) into

confirmed sales orders with a target of 30 sales

Areas of SF support

• SF provided grant funding forprototype, pilot for proof ofconcept, expanding productportfolio, pilot in Africa andincreasing manufacturingcapacity

• Connections in agriculture andto corporates

• Support market entry for Africain the next 18-24 months

• Assisting with conversationsand positioning with investors

INVESTOR BRIEF

35C – 5C cooling rate: beat ISO standard

4X cheaper than cooling with diesel

2X Farmer Income When dairies adopt cooling to source from smallholders


InspiraFarms: Energy for productive use ‒ refrigerated storage and processing facilities ACCESS TO ENERGY

STATISTICS



Areas of operation: East and Southern Africa, Central America and Mexico (IADB)

Partner Stage & Projected financial sustainability: Growth stage and market expansion

Total investment secured: $6.8 million (15% from SF/DFID)

50% post-harvest loss reduction

Due to a lack of energy access, rural refrigeration facilities in most emerging economies don’t exist − resulting in high levels of food waste and reduced income for smallholder farmers.

InspiraFarms supplies small and growing producers, distributors and processors of fresh produce with energy-efficient refrigerated storage (capable of operating on or off-grid) that reduce food losses, cut operating costs and enable access to higher-value markets.


• Off-grid and solar powered cold chain• Energy for productive use• Asset finance

www.InspiraFarms.com

Key achievements over last 12 months • $1.9 million of annual sales in 2017.• Completed 3rd generation product development on

underlying technology with support from Factor[E]• Selected to participated in a consultation with

Minister for DFID on the future of food sustainability• Published industry research on asset finance (with SF)

Outlook for next 12 months • Scale up commercial results in an additional two

growth regions in Africa and Latin America, pilotdemonstration facilities in India.

• Automate digital information systems for customerperformance optimisation and on-demand service.

Areas of SF support • $1m of financial support between

January 2018 and June 2019 onmarket expansion, data services,control and reduction of COGS andresearch on key value propositions inpartnership with DFID.

• Connect into SF networks of partnersand influence in the finance, SME andtechnology industry.

• Benefit from SF capacity building tosupport in sales/marketing strategy,commercial partnerships

• Board observer role + governancesupport from SF


INVESTOR BRIEF

5 times on and off-grid energy efficiency

25% post-harvest value added margin

Lendable – Receivables refinancing ACCESS TO ENERGY

STATISTICS


Organization size: 20

Areas of operation: USA, Kenya

Partner Stage & Projected financial sustainability: Pilot. Q4 2019


6.5 million lives improved by 2020

Lendable provides off balance sheet finance to alternative finance companies (inc those financing SHS, agri and mobility enterprises).


• They create a marketplace wheretransparent financial data enablesinvestors to buy receivables with fulltransparency of quality, thus funding theoriginators growth.

• It is highly scalable and can transactrepeat financings quickly and cheaply.They can structure in blended sources ofcapital to reduce cost of finance toborrowers.

www.lendablemarketplace.com


• Lowered per-deal costs from $400k+ in 2016 to$7k per deal in 2018• Have completed 15 financings with 6 partners• $5.2m series A investment received, led by

Omidyar Network and Kawasafi Ventures.• $7m discretionary investment vehicle raised in

Dec 2017


• Raise a second discretionary investmentvehicle of over $15m• Enter West Africa (Nigeria and Ghana)• Complete additional 25 new financings

Areas of SF support

• Improve ability to address solarmobility and agri finance markets

• Support their loan product whichwill support higher risk earlierstage enterprises

• Identification of pipeline investees

• Attracting guarantee provider toblended capital structure

• Supporting SAAS analytics businessto assist broader investor market


15 financings transacted to date

$28 million to be moved by end of 2018

INVESTOR BRIEF

M-KOPA – Consumer financing of impact products and services ACCESS TO ENERGY

STATISTICS



Areas of operation: E. Africa

Partner Stage & Projected financial sustainability: Viable, 2019


1,970 jobs created

579,000 tonnes carbon reduced

3.29 million livelihoods improved

Provides low-income consumers with asset financing to purchase energy products

Customers pay a small deposit and make daily instalments using mobile money

Creates a credit history for unbanked


PAYGO technology and asset financing unlocks the consumer financing barrier, which hinders the adoption of energy and productive assets. Asset and consumer financing is critical to unlock the next generation of power and appliances.

www.m-kopa.com


• Steady sales growth reaching $60m revenue• Developed world’s first affordable solar fridge,

launching in May 2018• Raising further equity and debt• Reached 3.2m consumers (cumulative)


• Focus on improving supply chain and deepeningcustomer relationship• Seeking $20-30m debt/equity in 2018• Develop business cases for M-KOPA grid, energy

efficient fridges, financing grid connections• 2018: 213,000 products, $65m revenue

Areas of SF support

• Leverage Shell engineering forM-KOPA Labs

• Develop business models for newproducts and solutions developedby M-KOPA Labs

• Fundraise for M-KOPA Labs

• Strategic advisory and governanceon M-KOPA board and R&DCommittee

• Support the recruitment of CFO


INVESTOR BRIEF

STATISTICS



Areas of operation: US

Focus: Access to Energy (OGU)


Odyssey – Off-Grid Utility platform ACCESS TO ENERGY

www.odysseyenergysolutions.com

$180 million Worth of OGU pipeline

230 OGUs Being designed on the platform


• Founded Odyssey, designed, prototyped andbuilt 1st release of the platform

• Contract from the World Bank to tender 200Mini-Grids in Nigeria on the platform

• 16 developers designing 230 sites in Odyssey,27 investors on the investor platform


• Key Challenges: Getting risk averse fundersto fund projects, sector risk/uncertainty

• ~500 sites designed through the platform• At least one deal financed and tracking

monitoring reporting being used

Areas of SF support

• Co-created by Factor[E]• SF sharing years of OGU

experience/challenges to helpbuild out CVP

• SF Business Development Advisoris an advisory on the board

• Ongoing support on customeracquisition, fundraising, CVPtweaks and market awareness

Became Nigeria’s Official Data Platform

Odyssey is a centralised platform offering standardised load building, system design, modelling and procurement for developers and standardised financial assessment and project valuation to funders. Brings investors, donors, vendors and developers together in one marketplace.


• Links to our Off-Grid Utility strategy ofscaling the sector into a 24/7,affordable utility model

• Driving down cost for the sector,leveraging our footprint in China


INVESTOR BRIEF

Open Capital Advisors - Uganda Energy Accelerator (catalytic institution) ACCESS TO ENERGY

STATISTICS


Organisation size: 4 FTE

Areas of operation: Uganda

Partner Stage : Pilot

Total investment secured: $1.9m (56% SF)

9.6m connections required by 2030

Neutral institution created to scale off-grid energy access in Uganda by reducing market barriers through direct initiatives and advising public and private actors on how to combine efforts to tackle key bottlenecks


• Provides independent ‘institutional’support to enterprises, policy-makersand investors to create enablingenvironment for off-grid to scale

Areas of SF support

• SF governance role forAccelerator and member ofEnergy Africa Steering Group

• Management support to deliverstrategy, monitor risks and seektraction from key stakeholders

• Mobilise international supportfrom aligned foundations, donorsand investors


> $650m funding required for off-grid solutions

INVESTOR BRIEF

Key achievements over last 12 months • Off-grid sector analysis of gaps/opportunities has

drawn support from 50 orgs inc gov, enterprises,donors & banks

• Recognised implementation partner for Government &the Energy Africa Steering Group

• Led by former head of Electricity Regulator• 4 workstreams initiated to support mini-grid viability,

incentivise PPPs to serve lowest income households,provide market data & access to local finance

Outlook for next 12 months • Amplify the early impact of the 4 interventions• Publish fiscal policy analysis for off-grid sector in 2018• Create 3 year plan for effective market acceleration

and determine suitable exit strategy

www.opencapitaladvisors.com

Orb Energy – Residential and commercial solar solutions in India and Kenya ACCESS TO ENERGY

STATISTICS


Organisation size: 300+ staff

Areas of operation: India and Kenya

Partner Stage & Projected financial sustainability: Growth

Investment secured in 2016/17: $5.7m 140,000+ Systems installed to date

Sales, installation and service of rooftop solar PV and solar thermal in India and solar home systems (SHS) in Kenya. Turnover of ~$15m a year, operating through 100 branch network across India and Kenya, 50% of which are franchised in India.

SF strategic alignment: Orb provides a broad range of SHS and larger commercial and industrial solar systems. SF is supporting its financing and distribution models to increase uptake and replicate to other markets.

www.orbenergy.com


• Kenya: Grant helped to start 5 MFI p’ships,now financing SHSs (2k sales so far).• India: In-house credit function scaled up.

grant leveraged $10m concessionary debtfrom OPIC and enabled financing of 4MW/$3.8m of solar PV installations.


• $15m required to refinance investors by Q4 18• If rooftop financing takes off, additional

financing will be required• Pilots with MFIs in Kenya revisited downward

to account for learnings from pilot phase

Areas of SF support

• Kenya: SF grant funding to pilotfinancing of Orb systems via MFIs /Banks in Kenya, aimed to prove theviability of this channel comparedto PAYG model ‒ $525k

• India: in-house financing forrooftop solar ‒ $225k

• SF Business Managers providessupport on MFI linkages andpartnership modelling


100Branches in India and Kenya

4MWp Financed by Q4-2017

INVESTOR BRIEF

Persistent Energy Capital (PEC) – Seed stage investor in PAYG companies in underserved markets ACCESS TO ENERGY

STATISTICS



Areas of operation: Africa

Partner Stage & Projected financial sustainability: validation/growth, viable

Total investment secured: $8.7m (34% SF) 200m+ potential market impact*

Provides seed financing and hands-on specialised support to PAYG companies in frontier markets in exchange for equity. Support is on tech, operations, legal and financing, in which PEC is an expert.


From an impact perspective, it is a commercial model to accelerate energy access to solar home systems in countries with potential demand but where most Tier 1 companies are not going to expand to. Model is trialled and tested; approach can be replicated to scale-up PAYG companies in many underserved markets.

www.persistent.energy


• Invested with SF support in PAYG companies inMozambique, Senegal, DRC, Mali & Cameroon• Built solid pipeline with Tier 2 PAYG businesses• Secured funding from HNWIs/Foundation• With SF, co-created Catalyst, a software

intermediary for PAYG companies• Team strengthened to 8 FTEs, incl. 4 partners


• Continue fundraise: additional $5-10m equity• Further invest $7m in PAYG companies• Demonstrable traction on receivables financing• Show path to sustainability

Areas of SF support

• Pilot funding underway – on track($1.8m; Q117 – Q418)

• Acceleration support underway –on track ($1.6m; Q118 – Q219)

• SF Business Manager on PEC boardfor strategic guidance

• SF Business manager to providecontinued support in fundraising,sharing pipeline for futureinvestments and co-creatingsoftware intermediary Catalyst


464,000 livelihoods improved

$5.7m raised beyond SF support

INVESTOR BRIEF

* Measured by current company pipeline

Redavia – Re-deployable hybrid solar leasing plants ACCESS TO ENERGY

STATISTICS



Areas of operation: Tanzania, Kenya, Ghana

Partner Stage & Projected financial sustainability: Scale up


87 kWp installed largest solar farm in Tanzania

~60% lower on-site installation cost

40% reduction in energy costs for customers

Modular solar farms integrates with diesel systems (hybrid) to reduce emissions.

Leasing model – with no upfront costs.

Serves energy needs of industry, businesses & communities.


• SF focus on affordable, reliable energyfor businesses and supply chain for theOff-Grid Utility sector

• Commercially attractive model,investors don’t face contract risk (re-deployable)

www.redaviasolar.com


• Closed $2.5m equity• 7 additional containers deployed for in

Tanzania, 15 container sales closed in Ghana• Structuring innovative SPV financing model for

project finance


• Aiming for additional 11 containers installed in2018, 29 in 2019

• Continue driving down supply chain costs• Raise ~$10m debt for project finance

Areas of SF support

• China Impact Sourcing supportedtransition to Chinese supplychain, reduced costs by 28% percontainer

• SF provided access toinvestors/support on fundraisingto close this round

• SF is starting to wean off supporton operations/funding sinceRedavia has raised commercialcapital

• SF is represented on Board


INVESTOR BRIEF

responsAbility Energy Access Fund ACCESS TO ENERGY

STATISTICS




Partner Stage & Projected financial sustainability: Pilot and Scale-up – 2018

Total investment secured: $34m (6% from SF)

20 million lives improved target by 2019

Company Profile: Provision of working capital finance to enterprises in the solar products value chain

SF strategic alignment • Increasing working capital for solar sector

to enable growth and impact• Increase impact investors In the sector• Substantially increasing growth and

impact of solar product companies• Now expanding to whole of Distributed

Energy sector & C&I Solar• Supported by FMO, IFC, Lundin

Foundation & Anthos

www.responsability.com


• No losses, provisions or late payments to date• Developed a robust deliverable pipeline that

will shortly receive all available funds• Current average return on loans of 10%• SF first loss tranche is unused + generating

positive financial return


• Fully commit and deploy the fund• Raise commercially viable fund of $80m (close

in 2018) to $150m (close in 2019)• Enable larger deals of up to $15m per loan

Areas of SF support

• Governance through input toInvestor assembly

• Promotion of fund to existing SFPartners

• Feedback & design of expandedfund.

• Assisting in investor relationswhere necessary.


10 technical assistance projects, mobilizing more than $24m

US$150m fund raise in 2018/19

INVESTOR BRIEF

Rent To Own – Asset finance for rural entrepreneurs ACCESS TO ENERGY

STATISTICS



Areas of operation: Zambia


Total Investment secured : $3.6m (20% from SF)

Tech-led, productive-use asset financing in rural, non-mobile money geographies Providing consumer finance for innovative assets to people living under $2.50/day, addressing underserved market with product value averaging $800. As RTO scale across Africa they will be the go-to partner for productive–use hardware companies looking to enter new markets SF strategic alignment: • Core to energy and agriculture strategy• Last mile distribution and post sales

service• Test renewable energy technologies from

SF partners (SunCulture, Sistema, d.light)

www.rtoafrica.com


• 2.5x sales growth in branches whererenewable energy products introduced• Over 95% repayment rate from clients• Won rural finance grant of $165k• 66% of sales are renewable energy products


• Increase renewable energy assets portfolio• Prepare for scale beyond Zambia• Raise $1.5m in equity and $0.5m in debt by Q4

2018 • Small but scalable business, aim to reach 1m

clients by 2025

Areas of SF support

• Support to prepare business forscale• Improve governance and build

board• Strengthen linkages to other SF

and Factor[E] partners like VIP,Sistema Biobolsa, SunCulture• Fundraising support (equity/debt)• Develop new asset types• Strategy for expansion beyond

Zambia


72% Customers on <$2.50/day

$2.5 million Value of equipment disbursed

INVESTOR BRIEF

95% Repayment rate

Sangam Ventures – Incubator for Indian energy start-ups ACCESS TO ENERGY

STATISTICS




Partner Stage & Projected financial sustainability: Pilot

Total investment secured: $3.9m (45% SF/25% USAID/30% others)

$10 million Leverage target for 2018 and 2019

Identify innovative & high-impact Indian energy and resource productivity start-ups

The only clean tech-focused accelerator in India, making early stage investments of $100k-500k. Hands on business support for product-market fit to enhance success and works with firms to raise capital.


• Very little early stage investment forEnergy Access enterprises is available inIndia

• Delivering incubation locally, by an Indianfirm, rather than from the UK

www.sangam.vc


• So far, 5 investments, all growing well, totalling$1.1m with 3X leveraged in follow on funding• TATA Trusts’ support of $90k for incubation.• CRM tool piloted for 2 portfolio companies• Peacock Solar, Sangam’s entrepreneur in

residence selected for the Climate Finance Lab


• Launch physical incubation space in Delhi• Complete 2 co-investments with TATA Trusts• Launch Emerging India Acceleration

Programme 2018 sponsored by DOEN• Close $5m of new investment capital in 2018

Areas of SF support

• Thesis development for physicalincubation (AIC) and EIAP 2018• Strengthening internal systems• Strengthening advisory and

investment committee• Assist capital raising and incubation

funding• Designing women entrepreneur

incubation programme• Developing metrics to prove

incubation efficiency• Improve learning dissemination

$1 million from USAID for incubation

$1 million from NITI Aayog (Government of India) for incubation

INVESTOR BRIEF


Combines manufacturing, sales, service of high quality bio-digester systems with consumer financing to enable affordable biogas solutions for productive use with over 4,143 units installed to date

Creating innovative distribution partnerships across Africa and India to reach low-income smallholder farmers reducing their fuel/ fertiliser cost, enabling clean cooking/ heating and improving access to electricity

SF strategic alignment: • Fuels, cooking, biogas for productive use

and agriculture/energy nexus, waste toenergy and consumer finance innovation

sistema.bio


INVESTOR BRIEF Sistema.bio – Biogas clean fuel solutions for smallholder farmers ACCESS TO ENERGY

STATISTICS

Established/ SF partner since: 2010/ 2017


Areas of operation: Latin America/Mexico East Africa/ India

Partner Stage & Projected financial sustainability: Scale up current/pilot new

Total investment secured: $6.5m (6% Factor[E], 25% SF/DFID)

85,000+ tonnes GHG emissions avoided

11 months average ROI for Kenyan farmer


INVESTOR BRIEF

Areas of SF support

• $1.6m grant/ repayable grantbetween January 2017- June 2018with $700k SF, $900k DFID TIME• SF providing communications,

global branding and new marketentry support• Follow on proposal for biogas

productive use applianceexpansion, core growth andpartnership development for agri-supply chain and distribution• Leverage Shell pro bono on fuels• Factor[E] board representation and

SF board observer


• Q1 sales globally 50% above projections• Secured $540k in working capital from

Lendahand platform• Secured $350k direct investment into Kenyan

subsidiary through Kenya Climate Ventures andthe Low Carbon Enterprise Fund• Revenue $1.7m, EBITDA before grants -$700k


• Close $6-8m fundraising round in equity anddebt by end Q218 to support global scale• East Africa, India and LATAM market expansion• Building on strong partnerships for distribution• 3x Revenue growth by end 2018 vs 2017

sistema.bio

SparkMeter (SM) – Low cost smart metering to unlock energy access ACCESS TO ENERGY

STATISTICS




Partner Stage & Projected financial sustainability: Validation, 2021


43,342 meters installed

350,000 kWh of energy served


Energy demand management solution for mini-grids and central utilities

Market leading, low cost smart metering solution, with two way communication and payment mechanisms, and an associated real time software management platform


• Smart low-cost metering technology is acritical step towards the financial viabilityand scale up of utilities and mini grids,enabling: better demand and supplymanagement, management of customerpayments, scaling reach and avoidingtechnical losses.

www.sparkmeter.io


• Continued strong demand for meters fromboth mini-grids (weighted pipeline of 40,000meters) and central grids (traction from PHEDNigeria and Tata Power, India)

• Developed offshore manufacturing strategy• Ongoing fundraising has led to a few delays in

product development and capacity building


• Fundraise between $5-8m• Strengthen management team• 2018 Revenue: $1.4m, Volumes: 20,000

Areas of SF support

• Provide regular hands onoperational, strategic advisory andgovernance – as board observer

• Support SM fundraise ($5-8m)• Build capacity


INVESTOR BRIEF

SunCulture – Affordable solar water pumps and PAYG irrigation ACCESS TO ENERGY

STATISTICS



Areas of operation: Kenya (sales across E. Africa)

Partner Stage & Projected financial sustainability: Proof of Concept and Growth

Investment secured: $4.9m (4% from SF) SunCulture (SC) designs, manufactures, sells, installs and finances low cost solar water pumps and irrigation products. Lowest cost high performance solar pump on the market, RainMaker, which exceeds performance indicators of competitors (max pump head, submersible, battery backup)

SF strategic alignment: • Core to strategy of energy for business, developing

renewable energy assets and end user financing • Access for farmers to renewable energy assets for

productive use • Irrigation increases and is key step on agriculture

energy ladder • SC’s solutions help farmers use 80% less water

compared to furrow or flood irrigation methods • By 2025 aim to be operating in 4 countries with a

customer base of 500k farmers, impacting A2E at scale

www.SunCulture.com


• Introduced new pump to the market, developed strongpipeline of new products, next product release is Q32018. Enabled a new lower income demographic ofcustomers who use the pumps for livestock, domesticuses and maize irrigation

• Developed PAYG portfolio• Closed round with Partners Group and EAV• Developed distribution partnerships: 24 in Kenya, 12

across Africa


• Close equity round, raise debt funding ($6M in nextthree years)

• Increase distribution partnerships and PAYG portfolio• Increase systems to drive down costs and improve data• Sell 30k units annually by 2020

Areas of SF support

• Support for developing and testingPAYG model, includes developingrepayment schedules, creditassessment methodologies and levelof customer support• Strategic input for partnership and

distributor strategy• Support on key hires• Board observer role• Shell leverage on engineering and

design


INVESTOR BRIEF

400 units sold Q1 2018

70m Addressablemarket of smallholder farmers

$48 million Revenue target in 2022

Village Industrial Power (VIP) – Powering agriculture through energy for productive use ACCESS TO ENERGY

STATISTICS



Areas of operation: Kenya and India

Partner Stage & Projected financial sustainability: Early Sales Traction Kenya, Pilot and Validation India

Total investment secured: $2.25m ($1.75m from SF/DFID)

7 times dried mango production

35% COGS COGs reduced to $13k

80% reduction in crop losses

VIP is an innovative rural energy platform that uses agricultural waste to provide combined heat and power on demand to generate income and improve livelihoods.

Using agricultural biomass waste as fuel, the VIP 10 - 40 creates electrical (10kW), thermal (40kW) and mechanical (10kW) energy to transform crops and produce into higher value products and provide off grid power for productive uses.


• Energy for Productive Use

• Agriculture/Waste to Energy Nexus

www.villageindustrialpower.com


• Strong sales pipeline in Kenya, expression ofinterest from potential distributor in India• Identified potential scaling opportunities in India• Business model validated in fruit & veg drying• Shortlisted in top 10 of India’s Smart Fifty – a

search for enterprises to transform India• Strengthened Board and Advisory Board


• Distribution/ licensing proof of concept clarity• Build Asset Financing strategy• Build B2B sales & distribution channels• Further develop corporate partnerships• $2.9m fundraise for 2018-2019 scaling plan

Areas of SF support

• Fundraising support for $1.5mgrant/ debt and equity betweenJuly ’18–Jun ‘19 to supportlicencing proof of concept deals.• Fundraising support for up to

$1.4m working capital to alignwith sales growth and financing• SF providing support in

development of distribution/sales/ licencing partnerships• Shell Bangalore pro bono

licencing support• Factor[E] on board and SF board

observer position


INVESTOR BRIEF

Bussi – Point-to-point SMART commuting

www.bussi.com.mx

175 Average number of trips/ day

Areas of SF support

• SF are providing hands onbusiness support and grantfunding to Bussi, to test andvalidate its business model inMexico City as the first van-pooling service available forcommuters in Latin America.• Strategy shaping with

guidance form SF and WRIMexico• Fundraising support• Shell Road Safety and Shell

Mexico retail group pro bonosupport


• Rapidly scaled operations in Mexico• The largest vanpooling community in Mexico with

136% revenue growth between December 2017and April 2018.• 180% increase in register users in Q1 2018 vs Q4

2017 with 31,000 registered users by April 2018• 5,066 commute days gained, 1,346 TCO2 reduced


• Rapid growth potential to build on momentumfollowing pilot success and B2C growth• Require $2.5m fundraising in grant/equity/debt

between Q2 2018-Q4 2019 to work towardspositive EBITDA by end 2019.

10,024 Active users

Bussi is the first van pooling service and market leader for commuters in Latin America providing a safer, quicker, affordable and more convenient experience for commuters to move from point A to B in megacities. Bussi are at least 30% cheaper than other forms of private transport.

Bussi is tackling three market failures: Under-used capacity of transport network, lack of smart technology to improve mobility and the lack of a scalable model.


• Increase access to safe, affordable andefficient urban mobility solutions,leveraging new technology to enablesustainable transport at scale (49 millionMexico city commutes per day)

STATISTICS

Established: 2015/ SF partner since: Q3 2016


Areas of operation: Mexico: Mexico City, Monterrey in Nuevo León

Partner Stage & Projected financial sustainability: Product Market Fit following pilot

Total investment secured: $1.155m (98% SF funding)

INVESTOR BRIEF


SUSTAINABLE MOBILITY

81,064 Bussi total trips to date

Globology – Rural water transportation SUSTAINABLE MOBILITY

Waterbus.online

75% BoP routes operating at profit

71,554 passenger rides in Q1 2018


• 4th ferry (120 pax) into operation Q4 2017• Processes developed for new country entry• Ugandan market evaluation ongoing• New CEO (ex Shell Marine, highly experienced)• 3 out of 4 BoP routes operating at profit


• Impact evaluation and market sizing ongoing• Professionalisation of services• New Business Development Manager on board• New Strategic and Financial Advisor• Fundraising strategy is to raise $1m to increase

capacity to 7 ferries and equity raise in Q3/Q42018 for continued growth

Areas of SF support

• Strategy and governance• Market linkages and relevant

partner network connections• Strengthen operations capacity of

team• Support safety related activities• Support for business improvement

and island impact analysisincluding rural watertransportation sector analysis• Optimisation of business plan and

financial model refinement• Fundraising strategy and materials

650,000 Lake Victoria Island Community

Builds and operates catamaran ferries for safe and affordable transport of passengers and goods, linking the residents of East Africa’s islands and other water-isolated communities to the larger towns on the mainland

Medical and education professionals can now travel to remote areas and rural communities benefit from improved access to services and increasing trade


• Safer, more affordable & sustainabletransport solutions for low-incomecommunities and improved rural watertransport services

STATISTICS

Established 2010 /SF partner since: 2016


Areas of operation: East Africa, Lake Victoria

Focus: Sustainable Mobility

Total investment secured: $2.17m ($715k SF & remainder is debt from others including DOB Equity and HRSV)

INVESTOR BRIEF


MAXGo – Safe and affordable moto-taxis SUSTAINABLE MOBILITY

STATISTICS



Areas of operation: Nigeria

Partner Stage & Projected financial sustainability: Proof of Concept

Total Investment secured: $1.26m (24% from SF) MAXGo aims to make moto-taxis safe, affordable

and accessible to users and drivers. MAXGo uses technology to efficiently connect riders and customers at an affordable price and prioritises safety by using rider dashboards, forming relationships with law enforcement and maintaining a robust onboarding process. SF strategic alignment: • Leveraging technology to enable affordable,

safe and sustainable transportation• Improving rider skills and income levels while

providing a safe and pleasant experience forcustomers

• MAXGo data throughout the pilot has shownusability among women. Live ride data hasshown women using MAXGo at night which isvery atypical for Lagos

www.Max.ng


• Asset financing partner secured with Sterling Bank.$450K on behalf of riders. This was made possiblethrough SF grant SF as funding required 20%counterpart funding.

• MAXGo rides has increased 8X in the first 4months of 2018 compared to the whole of 2017

• Key hires in senior leadership with vast experiencefrom PwC, Acumen Fund, CAT, and CNN

• 138 MAXGo riders doing up to 1200 trips daily• Zero fatalities in the last 12 months


• Raise Series A of $5 million• Mobilise $500K in asset financing for moto-taxis• Increase net revenue by 5X to $1 million

Areas of SF support

• SF support on business modeliteration and improved HSSE

• Support on fundraising

• Develop branding and communicationstrategy

• Strengthen management & improveteam diversity, especially in seniorroles

• Increase service coverage


INVESTOR BRIEF

490 jobs created and supported

$2.2m in Gross Merchandise Value (GMV)

220K trips completed

SafeBoda – Community-based urban transportation SUSTAINABLE MOBILITY

STATISTICS



Areas of operation: Uganda, Kenya

Partner Stage & Projected financial sustainability: Proof of Concept

Total Investment secured: US$4.3m (30% from SF) A fast growing network of trained safer

motorcycle taxi drivers in Africa Incentivising safety with increased income generation opportunities Tech-led to optimise supply/demand and give passengers access to safer drivers at lower costs SF strategic alignment:

• Leverage technology to enablesustainable mobility

• Improved movement of people throughmore efficient, affordable and equitabletransport

• Improving access for women through asafer product which is designed withfemale customers in mind

www.SafeBoda.com


• Released new tech platform which is designedfor scale and built by a pan-African team• Mobile money integration with MTN and Airtel

(97% of the MM market in Uganda)• Average gross merchandise value of $58k per

month in Q1 2018• Closed Series A round of $2.5m


• Raise Series B round (c. $3-5m)• Provide increased value to drivers and

customers through innovative financial services• SafeBoda aims to provide 2m rides/day in 20

cities in Africa within 5 years

Areas of SF support

• Strategic support on businessmodel and growing partnerships• Support on fundraising• Develop branding and

communication strategy• Piloting gender impact work and

developing gender policies• Board observer role• Work Shell Road Safety team on

HSSE• Support on governance


INVESTOR BRIEF

30% Average driver income growth after joining

27,000 app installs

39% month-on-month revenue growth

Smart Freight Centre – Towards cleaner, more efficient freight transport SUSTAINABLE MOBILITY

www.smartfreightcentre.org

Key achievements over last 12 months • GLEC standardised methodology for measuring

emissions across modes adopted by EU and 16 MNCs• 4 fee generating training courses delivered to MNC

carriers in China (IKEA)• 2 fleets in China started to implement efficiency

improvements from SFC Solutions• Multi-year funding secured from 3 foundations• M&M and Nike placed orders for fleet training

Outlook for next 12 months • 10 MNCs certified by SFC for achieving standards• 3000 drivers trained in efficient transportation• 25 MNCs adopting GLEC• 75,000 m/t carbon reduced• $150k earned income

Areas of SF support

• SF Director on Board, developmentof strategy and annual milestones• Leadership development and

recruitment• Shell providing fleet manager and

logistics insights• Network and introductions• Search & selection of Trustees

STATISTICS



Areas of operation: Europe, China


Total investment secured: €5.86 million (75% from SF)

Not for profit, with a mission to Incentivise the global freight industry to reduce emission intensity and improve fuel efficiency. Only global NGO working exclusively on improving freight transport SF strategic alignment: • Global Freight is 3rd pillar of SF mobility

strategy• Freight key to economic productivity but

major contributor to Outdoor Air Pollution• SFC is specialist adviser to MNCs and

certifies achievement of sustainable freightstandards

17 MNCs have adopted GLEC methodology

1,895 drivers from MNC Carriers in China

1,465 tonnes CO2 reduced in 2017 from China carriers

INVESTOR BRIEF


Tugende – Lease-to-own productive use assets SUSTAINABLE MOBILITY

STATISTICS



Areas of operation: Uganda, Rwanda


Total investment secured: $7.7m (XX% from SF) Offers affordable finance to unserved,

financially excluded customers, enabling them to own an asset; drivers can increase earnings and invest in other assets; provides training on road safety and bike maintenance.

Long -term goal is to provide financing and services across multiple sectors and geographies.

• 4,481 leases completed• 5,789 active leases• $3m in assets transferred to customers

Total addressable market is ~280k motorcycles in East Africa


• Improves existing modes of informal transport• Solves market failure through asset ownership

and financial inclusion

www.GoTugende.com


• Raised equity round of $800k, $5m debt with OPIC• 10,000 total customers benefited with training, safety

equipment and insurance• Launched 7th office in Uganda• Incorporated in Mauritius and started Rwanda

expansion• Impact metrics audited; after completing leases most

Tugende customers invest in own businesses


• Complete entry into Rwanda• Raise Series A ($2-5m), $25-35m in debt in next 3 years• Disperse 8,000 motorcycles• Expand into other productive use assets (cars,

agricultural equipment)• Hire CFO

Areas of SF support

• Support on improving loanprocesses for scale and• Developing and testing new loan

products and assets• Support on international expansion

and playbook development forfurther growth• Shell Road Safety team to continue

support on HSSE• Hiring C-Suite roles and coaching

CEO


INVESTOR BRIEF

$3.1 million Value of assets transferred to customers

>100% Annual growth rate of portfolio and revenue

4,481 repaid leases

Tusker – Rural crowd-sourced freight transportation

INVESTOR BRIEF

STATISTICS




Partner Stage & Projected financial sustainability: Pilot, 2020


45 jobs created


Enhances access to affordable products in rural frontier markets, to underserved communities, by crowdsourcing rural transporters through a mobile platform, and reducing distribution costs through automated machine learning algorithms.


• Rural freight is hindered by poorinfrastructure and dispersed anddisaggregated demand, limiting lowincome consumers to access affordableessential products. Tusker aggregatesdemand, reduces the cost and improvesavailability for rural consumers.

www.logistimo.com


• Fulfilled 33,000 orders across 11 segments• 380% increase in volumes transported• 2 enterprise SaaS paying customers under

contract in Uganda and Mozambique


• Unit profitability on all existing routes• Acquire 6 enterprise customers in India to

account for >30% of revenue• Grow channel partner sales and service

network in 5 districts• 2018 Revenue: at least $200,000

Areas of SF support

• Scale business model, acceleratesales and develop a B2B salesmodel

• Provide operational and strategicadvisory and governance

• Develop scale up plan andfundraise for scale


143 transporters engaged


ACCESS TO ENERGY STATISTICS




Partner Stage & Projected financial sustainability: Scale up & Viable

Total public investment leveraged: $5.8 billion, up from $4.7bn (2016) 1.5 billion

passengers served annually across

68 Cities Division of not-for-profit World Resources Institute working with cities to implement effective sustainable mobility solutions – largely mass transit and shared transport services, now adding new mobility Tackles pollution, congestion, affordable access in fast-growing cities in emerging economies SF strategic alignment: • Meeting mobility needs of underserved

populations in urban centres• SF market development partner for

Sustainable Mobility


• Jointly developed Five-Year Transit MetropolisPlan with the Ministry of Transport (China)• The 10 Shared Mobility Principles for Livable

Cities were created and endorsed by all majorride hailing companies• Co-authored chapters in the Global MobilityReport 2017 from Sustainable Mobility for All initiative


• Close further funding for Africa work• Support Shell Foundation’s Integrated

Transport City (ITC) strategy

Areas of SF support

• Member of WRI-Cities AdvisoryBoard, advising on new mobilityand ensuring low income focus andprotection of EMBARQ brand• Support to new mobility work• Support on growth and strategy in

Africa• Support on strategy development• Convening joint investor events on

sustainable mobility


WRI-EMBARQ – Advising cities on sustainable urban transport

www.embarq.org

7.3 million tonnes of CO2 avoided by Q1 2018, up from 5.44 million (2016)

14 million livelihoods improved daily, up from 6.58m (2016) 8.9m (2017)


INVESTOR BRIEF

]

Aavishkaar Venture Management Services (AVMS) – Financial services SME GROWTH

STATISTICS



Areas of operation: India, Kenya

Projected financial viability: Viable

Total investment secured since partnering: $25m (40% from SF)

$1.75 billion leveraged by 2021

Multi-product financial services consultancy and advisory group with a focus on India; expanding into Africa.

Supplying capital through Venture Debt, Equity Investing, Microfinance and convening through Impact Events.


• Multiple areas of strategic collaboration,aligned strategic interests. Increasing flowof all types of capital into businesses intoIndia and Africa. Increasing financingthrough MFIs. Consultancy services to SFpartners.


• $91m raised in Aavishkaar Bharat Fund (ABF)• Closed $3m rights issue at IntelleGrow• Hiring of management team at Tribe,

significant increase in new deals• Merger of Arohan and Intellecash, leveraging

significant synergies in the 2 businesses


• Get ABF to $200m raise $100m Africa fund• Reorganisation of Intellecap and IntelleGrow-

sector focused approach• Fundraising for holding company ($50m-$75m)

and group companies (up to $100m)

Areas of SF support

• Governance through SF’s boardposition on the holding company(independent directors beingidentified and onboarded)

• Development of joint projects andco-investing in India (Agriculture,Waste to Energy, rooftop solar forSMEs)

• Co-innovate/Create newbusinesses targeting SDGs

• SF staff co-located with AVMS inMumbai

• Support on Africa fund

9.6 million Indirect livelihoods due to better access to finance

>1.2 million tonnes cumulative CO2 emissions reduced

http://www.aavishkaar.in/ http://www.intellegrow.com/ http://www.intellecap.com/

INVESTOR BRIEF


]

GroFin – Integrated risk finance and business support to SMEs in emerging markets SME GROWTH

STATISTICS


Organisation size: 152 staff across 10 funds

Areas of operation: 15 Countries - Africa, MENA

Projected financial viability: Viable

Total investment secured since partnering: $472m, from ~30 public/private investors

A pioneering private development finance institution specialised in financing SBBs across Africa and Middle East in high impact sectors

Internationally recognised, award-winning SME development model that combines appropriate medium term loan capital and value-added business support to enable its SME clients to grow


• GroFin is SF’s lead social enterprise focusingon SME growth. It is a market leader,significantly larger than any of itscompetitors and has demonstrated aneffective, viable, scalable model in the SMEfinance sector where many have failed

www.grofin.com

Key achievements over last 12 months • Cumulative: Invested in 675 SMEs, supported 8,840

entrepreneurs and 430,955 livelihoods; over 5m BoP customers served. Of 26,000 direct jobs sustained, 31% are female and 60% semi or unskilled

• PwC assurance of key impact metrics obtained• Capital committed: $20m (Jordan and SGB fund)

Grants: $4m (Jordan and SGB fund)• SGB fund profitable 2 years ahead of forecasts• 15th Office opened in Senegal and Ivory Coast made

first investments

Outlook for next 12 months • Roll out enhanced STEP Business Support program• Explore market expansion of NOMOU in MENA• Ongoing fund raising for SGB and MENA (~$50m)

Areas of SF support

• SF is investor in funds and onadvisory committees

• Support/Facilitate fundraising• Director, Deputy advises on

growth strategy, such asexamining feasibility offranchise model & new products

• Act as intermediary betweenGroFin and certain DFI investors

• Support improvements in tech& business model to reducecost to service, lower cost ofcapital and increase impact andviability

INVESTOR BRIEF


$520 million economic value created

86,190 total jobs sustained

80% SME viability

LendEnable – Credit Analysis in SME finance SME GROWTH

$4.5 Trillion SME credit ’gap’ in emerging markets

Developing meta-data analytics platform which will unlock large scale bank lending to SMEs in emerging markets. Typically, SMEs with little credit history, that lack collateral, often serviced by the informal sector and may have limited track record. Improving access to deals for banks, sourced at low cost. Improving capital flow to SMEs.


• Access to debt is a key impediment toenterprise growth and job creation

• Focus on SME finance for Energy andMobility enterprises


• Beta build of globally scalable platform.• Platform in testing with 8 lenders.• Built Strong Advisory Board (Citi, JP Morgan,

HSBC, Barclays, from finance & analytics, India,Africa, US, UK


• Become fully integrated with several creditproviders at scale.• Develop a realistic & attractive revenue model,

and acquire a substantial paying customer

Areas of SF support

• Grant for a commercial team andcode to build a scalable platform toanalyse high volume of data, +market entry work in Africa.

• Assisting with engagement withFinance institutions in India &Africa + energy, logistics andmotility SMEs in both geographies.

• Trialled analytics and services withSF partners with credit risk in theirsupply chain, e.g. SHS distributors


10,000 Indian public companies analysed

STATISTICS


Organisation size:

Areas of operation: India, Africa


Total investment secured: $2,715,000 (46% from SF) $500 million

To be leveraged over 5 years

INVESTOR BRIEF

www.lendenable.com

Aceleron – Building better batteries INCUBATOR

STATISTICS



Areas of operation: UK, Kenya

Partner Stage & Projected financial sustainability: Incubation, viable by 2021

Total investment secured to date: $2.2m ($300k SF/DFID)

500,000 livelihoods improved by 2021

$2 million revenue by 2020

100,000 systems deployed by 2021

www.aceleronltd.com


• CE certification of battery pack achieved.• Raised $1.9m in grant & private equity from first

investment round (Series A planned for Q4 2018).• Built initial 150 serviceable packs in the UK & Kenya.• Partnership established with Teconnex Ltd to

provide access to scalable manufacturing capability• Tested & reclaimed >25,000 cells


• Building sales pipeline to show $500K annually• On track to deliver >3,000 battery packs• Improve battery platform with data capabilities for

better integration with PAYG

Areas of SF support

• $300k in grant funding

• Access to SF partners aspotential customers

• Investment readiness viaEnclude

• Pro bono support from ShellHR and leadership expertise

• Access to impact investmentfunds and support with otheraligned organisations


INVESTOR BRIEF

Costs of appropriate off-grid energy storage are high; thus the sector struggles to serve some of its lowest income consumers with increasing levels of energy access e.g. lithium ion batteries are prohibitively expensive for anything other than solar lanterns/small solar home systems. Aceleron has created a repairable lithium ion battery pack (constructed from either new or repurposed cells) which can be kept serviced & repaired during its life, drastically reducing waste and cost. SF is working with Aceleron to provide these batteries to a selection of our existing portfolio partners (including PAYG solar & solar water pumping) to test & validate impact.

African Mini-Grid Developer Association (catalytic institution) INCUBATOR

STATISTICS

Established: 2018

Organisation size: 2 FTE

Areas of operation: Africa wide


Total investment secured: $300k (100% SF) $190bn investment opportunity (IEA stat)

Trade association, co-created with support from SF and DFID, representing African mini-grid developers who can provide more than 20 hours a day of AC power to off-grid households.


• AMDA delivers missing ‘institutional’support for the off-grid sector: providingaccurate market data, technical supportand a unified voice for developers toengage investors and policy-makers moreeffectively.

Key achievements over last 12 months • Launched in April 2018 with 11 founding members

from Kenya and Tanzania.• 4 new chapters scheduled for 2018 (inc Nigeria).• Agreed charter and high level workplan to mobilise

finance, drive down costs and support appropriateregulation and subsidies.

• Research on role of mini-grids and pathway toviability released at UN SE4ALL

12 months outlook & funding required • Establish legal entities in Kenya and Tanzania.• Develop 3 year business plan with new CEO

(starting June 2018)• Fundraise for longer term operations.

Areas of SF support

• SF governance role on AdvisoryBoard

• Management support to deliverstrategy, improve impact andeffectiveness, monitor risks andfundraise

• Support AMDA to link effectivelywith major donor and multilateralinitiatives


600m+ Africans without access to energy

INVESTOR BRIEF

290m+ possible mini-grid customers (2030)

www.africamda.org

African Management Initiative (AMI) – Scalable Management & Entrepreneurship Training for Africa INCUBATOR

STATISTICS



Areas of operation: East/Southern Africa

Partner Stage & Projected financial sustainability: Incubation;viable by 2019

Total investment secured to date: $1.6m ($300k SF/DFID)


$10 million revenue by 2022

25,000 people trained by 2022

www.africanmanagers.org


• 6k+ people trained through over 32 clients/partnersin Africa. Over 18k to date.• $900k+ revenue in 2017• 60% client renewal rate. 100% of clients see

performance improvements• Closed $800k of $1.8m Series A equity/debt

funding. $1m expected to close in Q2


• $1.8M revenue in 2018• Expand teams in E&S Africa, expand to Nigeria• Improve platform, develop mobile app• RCT trial with MIT on AMI impact on SMEs

Areas of SF support

• $300k in grant funding• Cost-share training for

energy access companies &customised content creationfor sector• Portion of funding to explore

market expansion into Nigeria& a revolving human capitalfund for sector• Access to SF partners as

potential clients• Potential to link into Shell HR

and leadership expertise


INVESTOR BRIEF

Effective approaches to attract and develop talent is one of the biggest challenges for social enterprises trying to scale.

AMI delivers high quality, cost effective, blended learning programmes – tailored to capacity building and management training for start ups and SMEs.

SF is working in conjunction with AMI to address immediate training and development needs within the A2E sector (including many of SF’s existing partners) as well as exploring sustainable financing mechanisms to help address talent barriers in a scalable way, via a Revolving Talent Facility.

Anthropower – Rapid deployment of skilled workforce INCUBATOR

STATISTICS




Partner Stage & Projected financial sustainability: Incubation;viable by 2020

Total investment secured: $500k (60% SF 40% Sangam)


300 trainers enabled by 2020

15,000 jobs created by 2020

The off-grid energy sector is in need of a “project ready” technical workforce – including solar installers and entry level engineers. Currently, training is often done in-house and varies wildly in terms of quality and safety.

Anthropower makes it fast and easy for companies and training centres in remote, rural markets to develop and deploy a skilled technical workforce by providing an on-demand, digital platform (available on and off-line) to vastly improve quality and safety standards whilst directly linking trainees to employment opportunities.

www.anthropower.in


• 2,000 people trained from rural areas• Over 1000 immediately placed into

employment within the solar industry• 5 corporate customers include the largest

power backup player in India and the largestsolar EPC in India


• 100 customers, 5,000 trainees served, 2,000freshly employed or upskilled as a result• Launch the 4th wave technical training course

on operations and maintenance

Areas of SF support

• $300k to support productdevelopment, customer acquisitionand recruitment• Links to SF portfolio and others

within the sector as potentialclients• Potential to link into Shell HR and

leadership expertise• Cultivate early funding

opportunities with local investors


INVESTOR BRIEF

Farmers need access to finance, products and agronomic advice in order to increase their yields and climb the energy ladder.

Apollo Agriculture uses advances in mobile money, remote sensing, and machine learning to address these needs with radical efficiency and scalability.

SF is supporting Apollo to enhance its credit models, expand into new regions and unlock access to energy products and services.

www.apolloagriculture.com


• Delivered inputs on credit to >1k farmers in 1st

season; 2nd season underway with ~2,500customers financed through Q1 2018

• Built core operational software: rural taskingsystem, field marking app, remote trainingtechnology, and mobile loan vouchers.

• Fully integrated with m-Pesa (mobile money).


• Kenya expansion: increasing enrolment >3x.• Launch in new regions in Kenya• Actionable credit & satellite-based yield model.


INVESTOR BRIEF Apollo Agriculture – providing finance, products and advice for smallholders INCUBATOR

STATISTICS


Organisation size: 14 FTE; 75+ PT/commission

Areas of operation: East Africa

Partner Stage & Projected financial sustainability: Scale up pilot

Total investment secured: $4.91m ($500k Factor[E], $300k SF/DFID)

1,016 farmers served in initial pilot

$180,000 lent to farmers in initial pilot

2x yield increase potential

INVESTOR BRIEF

Areas of SF support

• $300k between Jan- Jun 2018with potential for up to$700k follow on fundingsubject to performance andproving out energy links.• SF providing hands-on

support on business strategyand execution• Providing guidance on

international expansion andincreased lending.• Fundraising Support

(Debt/Equity)

Belcash (HelloTsehay) – Platform for expanding off-grid energy accessibility in Ethiopia INCUBATOR

STATISTICS



Areas of operation: Netherlands based, sales in Ethiopia

Partner Stage & Projected financial sustainability: incubation, viable

100m potential customers in Ethiopia

Belcash’s core business is the design of automated mobile and agent banking solutions for financial institutions

With active mobile users and mobile money penetration at 39% and 2% respectively, HelloTsehay offers the opportunity to co-create an innovative platform to address distribution and consumer affordability barriers.

SF strategic alignment: • Co-creation of HelloTsehay, an off-grid

distribution platform, using an establishedmobile money platform provider, with avast agent network, has the potential torapidly increase energy access in Ethiopia

www.belcash.com


• Initial agreement between Belcash and D.light,with products available to customers in June2018 • Recruitment of team, business model design

and operation process refinements completed


Company wide: • Fundraising: $10m equity by end 2018• Look for a viable long term product provider,

taking into account scale and economics• Begin pilot in Somali and Gambella regions

Areas of SF support

• SF has worked with Belcash toincorporate HelloTsehay and buildinitial team of 6 senior leaders• SF worked with the new senior

team to design an operational planand are leveraging the expertise ofexisting SF partner, PEC.• Follow on SF funding of $1.2m

expected in Q4 2018, to expand inEthiopia, if pilot is successful


900k+ subscribers on Belcash mobile money platform

INVESTOR BRIEF

Catalyst – Software Intermediary for Social Enterprises INCUBATOR

80% Average cost savings for SMEs

Recommends and integrates critical software applications for scale, at a low cost for SMEs who typically do not have the know how, resources or budget to do so themselves.


• SMEs cannot grow their customer baseand scale operations without scalablebackend software solutions to managetheir value chain and often hightransaction volumes. Catalyst’s servicesare in high demand as most SMEs struggleto identify, integrate and maintain theappropriate applications within anaffordable budget.

www.enable.digital


• Developed a loan account management moduleto enable automated lease and PAYG accounts• Servicing 7 paying customers in Africa, including

Sunculture, Rensource, SolarWorks, OoluSolar• Built integrations with 5 external applications


• Serve 14 paying customers• Hire permanent CEO, complete management

team and explore a cheaper cost base• Attract follow on investment for scale up• Achieve $250,000 in revenue in 12 months

Areas of SF support

• Develop business model, pricingstrategy and scale up plan• Hire CEO and complete team• Support new business

development• Develop an advisory group• Develop scale up plan and

fundraise for scale ($600,000 byQ4 2018)• Leverage SF’s IT networks - Shell

IT and support from TataConsultancy Services.


INVESTOR BRIEF

STATISTICS




Partner Stage & Projected financial sustainability: Incubation, 2019

Total investment secured: $750,000 (66% from SF)

30 jobs to be created (expected over next 5 years)

30 SME customers to be served (expected over next 5 years)

Commut – Tech-enabled shuttle solution INCUBATOR

STATISTICS





Total investment secured: $600k +$40k FB 65,000 registered users

A minibus shuttle service for low-income daily commuters which offers affordable, safe and easier-to-access transport.

SF strategic alignment: • SF is developing a portfolio of

enterprises in the mobility sector. SF’sfocus is on improving access to safer,more affordable and more sustainabletransport services to supportconnections to healthcare, jobopportunities, education etc. that meetsthe needs of low-income populations.

www.commut.co


•Selected for the MAN impact accelerator whichscales social ventures in transport and logistics• 1st B2B Contract with Anza Medicode• Increased non-AC shuttles for low-income

segments (30% of the trips are non-AC now)• Hyderabad Metro ‒ in Planning phase for LMC and

technology integration.• Piloting 3 women-only shuttles• BBC features Commut as a reason for women to

travel to work in Hyderabad.


• Raise $1.5m in funding• Expand into another city in India• Increased focus on corporate contracts (B2B)

Areas of SF support

• SF funding to build the team,develop the B2B marketstrategy and systems support• SF support going forward on

overall business strategy fornew market entry andtechnology licensing• SF support for fundraise• Shell support on IT systems

architecture and HSSE ongoing• WRI is providing support on

the regulatory landscape andecosystem insights

2 cities in India by 2019

5 cities in India by 2020

775,300 rides completed

INVESTOR BRIEF


http://impact.man.eu/

Energy Private Developers (EPD) ‒ Rwanda market accelerator INCUBATOR

STATISTICS



Areas of operation: Rwanda

Partner Stage & Projected financial sustainability: Pilot, viable 2020

Total investment secured: $900k (50% SF)


5,000 jobs created by 2020

$25 million leverage created by 2020

Not-for-profit, in-country market accelerator in Rwanda, addressing local market barriers for local enterprises SF strategic alignment: • Dedicated team of business professionals• Independent/neutral team analyses A2E

markets; identifies bottlenecks whereinnovation and investment is required• EPD then supports a range of market

building activities around key bottleneckse.g. distribution, consumer awareness,attracting investors, access to finance,policy and regulation• Central KPI is accelerated off-grid access

www.epd-rwanda.com

Key achievements over last 12 months • Established in market with 90 enterprise members• Adviser to Minister for Energy and REA on rural

electrification & consumer education• Hosted national off-grid energy conference for 900

enterprises, investors and civil servants• Represent 8 renewable off-grid subsectors

including solar, hydro and biomass.

Outlook for next 12 months • Hire permanent CEO & develop 2020 business plan• Secure support from local development partners• Measurable progress on accelerating households

served

Areas of SF support

• Link with SF partners interested inentering Rwanda market

• Provide technical support onnational awareness campaign

• Guidance on governance, missionand business planning

• Support in securing other fundingstreams


INVESTOR BRIEF

Precise Consult ‒ Ethiopia Energy Market Accelerator (catalytic institution) INCUBATOR

STATISTICS


Organisation size: 2 FTE (30 FTE full org. size)

Areas of operation: Ethiopia


Total investment secured: US$550k (55% SF) $700m+ Market potential solar PV systems

Initiative co-created by SF and World bank (WB) and supported by DFID to accelerate access to off-grid energy in Ethiopia. It will do so by reducing market barriers through direct initiatives, working together with and advising government, public and private actors on how to combine efforts to tackle key bottlenecks.

SF strategic alignment: • Provides independent ‘institutional’

support to enterprises, policy-makers andinvestors to create enabling environmentfor off-grid to scale.


• High level workplan and prioritisation finalised,based on interviews with key stakeholders,research on barriers and validation workshop• World Bank also committed $250k to budget• Activities started and team strengthened: early

buy-in created (incl. Minister) + supporting andrestructuring Solar Association


• Achieve measurable progress reducing limitednumber of barriers, i.e. FX availability, importprocedures, public/private sector interaction• Fund raise for longer term operations.

Areas of SF support

• Initial pilot / 12 months – $300kSF support

• SF/WB forming governance ofAccelerator

• Management support to deliverstrategy, monitor risks and seektraction on key barriers

• Mobilise international supportfrom aligned foundations,donors, investors and otherstakeholders


75m People without access to energy

INVESTOR BRIEF

9m+ Govt target energy systems

www.preciseethiopia.com

Shortlist Insights – Strategic HR service provider for the energy sector INCUBATOR

STATISTICS

Established/SF partner since: Dec 2016


Areas of operation: India & E. Africa

Partner Stage & Projected financial sustainability: Pilot, viable by 2019

Total investment secured: $3.2m (420k SF/DFID)

2 million livelihoods improved in 2021

4,000 jobs created/supported by 2021

$27 million leverage created in 2021

Effective approaches to attract and develop talent is one of the biggest challenges for social enterprises trying to scale.

Shortlist is supporting the sector by helping SMEs hire more effectively, using technology to identify candidate skills and attributes through real-time competency based demonstrations rather than traditional CV-based methods.

www.shortlist.net


• Achieved a 70% hire success rate in both Indiaand Africa.• Launched a new “Screening as Service”

offering to customers – a lower cost solution.• Raised $1m seed round of equity financing

from global investors.


• Launch in one new geography• Launch digital energy training content• 165k lives impacted, $3m leveraged• Provide 10 energy companies with strategic HR

advisory support.

Areas of SF support

• $300k grant to build the blueprintand establish early marketvalidation around an HR advisorysolution.• $420k grant in 2018 to help build

energy-specific assessment andtraining content and expandgeographically.• Introductions to customers.• Raised awareness of HR as a

priority issue for the socialenterprise and venturephilanthropy sectors.


INVESTOR BRIEF

SMV Green Solutions – Shared Mobility with Electric Vehicles INCUBATOR

STATISTICS

SF Partner Since: 2017 (approved Oct 17)



Partner Stage & Projected financial sustainability: Scale-up/Pilot new mkts

Total investment secured: $658k ($266k SF)

$1 million Estimated Revenue in FY2018-19

3000 e-rickshaws Total units sold by 2020

$3.3 million Increased annual income for 3000 drivers by 2020

SMV provides the low-income rickshaw drivers with sourcing, asset ownership, community mobilisation and auxiliary services related to affordable e-rickshaws – which would replace those drivers’existing manual rickshaws and carts and enable multiple environmental, health, livelihood and social benefits SF strategic alignment: • Improve access to safer, more

affordable, cleaner & sustainabletransport solutions for low-incomecommunities


• >450 e-rickshaws sold, 0% default rate andonly 2% instalment delays for financed case

• Agreement with IndusInd Bank, Kashi Gomtiand Avanti Finance as Asset Financing Partner

• Agreement with Mahindra for e-rickshaws• Closed equity funding by Upaya Ventures


• Test the technical and commercial viability ofLi-ion battery swap model

• Hiring of management team and expansion to2 new cities, increase sales to 75 units/month

• Develop 40 women micro entrepreneurs

Areas of SF support

• Support to find partners for assetdebt financing

• Support core business capacitybuilding like team hiring, strategyand safety processes

• Support with PR &communication for pilot withwomen micro entrepreneurs

• Connect SMV with our partnerssuch as LendEnable to look atimproved credit assessment

• Potential R&D support from ShellIndia Labs on Li-ion batteries

INVESTOR BRIEF


SureChill – Off-grid and weak grid refrigeration INCUBATOR

STATISTICS



Areas of operation: Worldwide*

Partner Stage & Projected financial sustainability: Pilot/Proof of Concept

Total investment secured: $5m ($300k SF/DFID)

$3.5 million Revenue in last financial year*

4,700 units sold *

48 Countries Product distribution*

Combines water with a thermal battery and solar power to store energy for refrigeration. Maintains optimum temperature of 4°C for 10 days+ without power. SureChill thermal energy technology used for vaccines is SureChill’s core business. This same technology is now being applied in the domestic sector via incubation project with SF. Aligned with demand stimulation via energy efficient appliances for households and core to SF’s energy for business focus

www.surechill.com


• Market research conducted in India and Kenya withhouseholds, small businesses and retailers• Prototypes designed & currently being assembled• CEO Nigel Saunders took part in Unreasonable

Impact events in London and Washington DC• Finalist of the 2018 Ashden Awards


• Field trial of units from August 2018. Off grid unitsto be trialled in Kenya and weak grid units in India.• Raise $3m in equity funding by Q3 2018• Develop solutions for new market sectors

Areas of SF support

• Support to develop use caseand business model for off-gridand weak grid home use fridges

• Support on product design anditeration

• Support on strategy andbuilding out marketing plan

• Support on fundraise

• Potential engineering supportfrom Shell Group


INVESTOR BRIEF

*Vaccine refrigerators

ACCESS TO ENERGY

STATISTICS


Organisation size: More than 1 million members globally

Areas of operation: sub-Saharan Africa

Partner Stage & Projected financial sustainability: Incubation (SF project)


40 jobs to be created (expected over next 5 years)

1 million tonnes carbon to be reduced (expected over next 5 years)

120,000 livelihoods to be improved (expected over next 5 years)

Catalyse the creation of a sustainable wood fuel industry in sub-Saharan Africa by:

• Developing a financial mechanismincentivising landholders to plant trees forproductive uses (Tree Fund)

• Incubating charcoal end-to-end supplychain businesses


• The energy crisis in Africa is part due to therising population and increase in demandfor wood biomass over the next 30 years.Sustainable wood production could mitigate650m tonnes of C02 annually in Africa.

www.nature.org


• Recruited team of 30 people for the project• Executed 2 sustainable charcoal pilots in Kenya• 15 viable deals identified in Kenya and Tanzania

for the Tree Fund


• Select fund manager for and establish Tree Fund• Scale Komaza’s (forestry social enterprise)

production• Implement policy and advocacy strategy for

sustainable charcoal• Raise up to $100m for the Tree Fund by Dec’19

Areas of SF support

• Co-design and pilot the Tree Fundand end-to-end charcoal supplychain enterprises• Develop business and financial

models for growth• Fundraise up to $1.5m for

validation and scale up of models• Influence the broader ecosystem

on sustainable charcoal includinggovernment and investors• Provide further financial support to

enable scale


INVESTOR BRIEF The Nature Conservancy – Creating a sustainable wood fuel supply chain in sub-Saharan Africa INCUBATOR

INVESTOR BRIEF

ACCESS TO ENERGY

STATISTICS

SF partner since: 2017 (approved September 2017)


Areas of operation: Kenya



27,000 jobs created (expected over next 5 years)

$40 million to be leveraged (expected over next 5 years)

7.5 million livelihoods improved (expected over next 5 years)

Twiga provides consistent and reliable market access, connecting smallholder farmers to urban sellers of agricultural produce.

Potential to be a one stop B2B rural route to market platform for all products


• The majority of off grid energy accessconsumers are smallholder farmers whotypically don’t have access to market andthus have limited disposable income.Twiga’s network of farmers is of interest toa range of product manufacturers so theycan better target their products to farmerswho have an increased disposable income.

www.twigafoods.com


• Dedicated team hired called “Twiga Labs”• Pilots with impact product sellers initiated• Marketplace components designed and

undergoing testing


• Test new, cost effective logistics and distributionmodels to expand Twiga’s farmer base• Assess the effect reliable market access has on

adoption and affordability of impact products viapilot results and internal research• Test value of Twiga’s infrastructure and

marketplace for pilot partners and for Twiga

Areas of SF support

• Research effect market access hason the uptake of energy products• Connect Twiga to social impact

product manufacturers/serviceproviders (including SF partners)• Test viability of the digital market

place to enable the sale of energyproducts• Develop logistics and distribution

models for scale to expand Twiga’sfarmer base• Scale up B2B rural route to market

plan and fundraising strategy


INVESTOR BRIEF Twiga Foods – Improving livelihoods of low-income farmers by providing reliable market access INCUBATOR

INVESTOR BRIEF

ACCESS TO ENERGY

STATISTICS

SF partner since: Dec 2016

Organisation size: 438 (in Tanzania)

Areas of operation: Tanzania (SF Project)


Total investment secured: $155,385 (100% SF)

380,000 units to be sold (expected over next 5 years)

350,000 tonnes carbon to be reduced (expected over next 5 years)

3.1 million Livelihoods to be improved (expected over next 5 years)

Co-developing a digital, energy saving wallet, where Vodafone and energy manufacturers will incentivise low income consumers to save towards a listed energy product.

A digital lay away scheme designed for energy products.

SF strategic alignment: • Down payments for energy products can

be prohibitive for low income customers.By incentivising customers to save, thewallet will help energy productmanufacturers reach underservedmarkets, unlocking demand for productslike solar home systems and cookstoves.

www.vodacom.tz


• Vodacom Tanzania Board approved andprioritised project• Vendor selected to build out energy wallet. Build

90% complete; testing to be finished in May• Greenlight Planet selected as pilot partner, MOU

to be signed May


• Launch pilot in Tanzania with 10,000 customers• Assess whether savings products enables lower

income consumers to access energy products• Develop scale up plan to other Vodafone mobile

money markets

Areas of SF support

• Access to energy productmanufacturers and expertise• Co-design the pilot and incentive

structure• Evaluate the impact savings

products have on acceleratingaccess to energy• Co-develop the scale up plan• Market sizing for other potential

pilot markets


INVESTOR BRIEF Vodafone – Co-creating a digital energy savings product

INCUBATOR

INVESTOR BRIEF

INCUBATOR

www.whereismytransport.com


• Became leader in creating integrated transportdata in emerging cities• Hired Head of Product and CRO• Completed sales of data to two cities in South

Africa• Mapped cities in East Africa• Raised seed round with Omidyar and GIF• Finalising closing Series A


• Close Series A ($5M)• Sign contracts with 3-5 African markets• Map a further 5-7 markets (Africa, Latin

America)• Increase M&E capacity to show the impact of

information on low income commuters

Areas of SF support

• Business model and strategicsupport• Fundraising for Series A Map East

African cities• Publishing research on informal

transport and the impact of dataprovision, safety and otherimprovements• Board observer role• Pro bono support from Shell in

functional areas (HR)

Scalable provider of African mobility data ‒ end goal of improving mobility services for low-income people in emerging cities

Data is a limiting factor for improving the formal and informal transport sectors. Data enables journey planning, integration across modes and better city planning. Informal transport is a low hanging fruit for improvement. In Abidjan and Accra 85% of public transport trips are informal, in Lagos it is 96% and in South Africa it is 66%.


• Ecosystem of formalizing informaltransport

• Providing information on informaltransport to enable better access to basicservices and income-generating activities

STATISTICS



Areas of operation: Africa

Focus: Mobility


INVESTOR BRIEF


WhereIsMyTransport – Data, route mapping and analytics for informal transport

400,000 unique monthly active users in Johannesburg

42% of platform Journey Requests come from areas where the average income is less than $4,800 per annum

22 Cities in Africa mapped

Zone Startups India – Entrepreneurship programme for women entrepreneurs INCUBATOR

STATISTICS




Partner Stage & Projected financial sustainability: Scale up and financially viable

Total investment secured: $380k ($278k SF)

50 Investors actively engaged by 2019

Zone Startups India is a leading global accelerator and early stage investment fund, with multiple entrepreneurship initiatives across Canada and India including Empower, India’s first accelerator for women entrepreneurs. SF strategic alignment: • Empower and support women

entrepreneurs to increase participation ofgender across the energy value chain

• In line with the SF India strategy ofecosystem building following the SF Indiaadvisory board set up

www.zonestartups.com

Key achievements over last 12 months • Partnership with the DST, Indian government,

Microsoft and HDFC bank agreed• Before SF partnership, Zone Startups accelerated

35 women entrepreneurs and raised $23m postprogramme (Empower)

Outlook for next 12 months • Identify 15 early stage women-led/co-founded

startups for high touch support and 30 start ups forboot camp; $3m fundraised by selected startupswithin 12 months post programme

• Leverage Indian capital by bringing together publicsector & corporates to invest in energy, mobility &gender

• Secure 50% funding for 2nd year Opex

Areas of SF support

• Grant of $278k through the DFIDIndia POWERED partnership• Leading investors/corporates

discussion to help with follow-onfunding and programme support• Mentorship to selected women

entrepreneurs as required• Connect with Factor[E],

WRI-EMBARQ, Sangam, AVMS andShell India for mentoring andecosystem building


$3 million Leverage target post programme

15 Women-owned enterprises to be supported by 2019

INVESTOR BRIEF

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