Polare Group Raises €100,000 to Launch Power Products in Africa
Revolutionary mobile power company, Polare, recently secured $100, 000 in a pre-seed funding round. The investment represents 10% equity of the company and was received from a private investor who was impressed with the prototypes of Polare’s products – Polare X, Polare S, and Black Carbon.
Polare Group is an innovative power company, reinventing the way the world accesses energy. It has produced the first, quick-deploy, plug-and-play, energy-optimised storage platforms specifically for the African market.
Not only are the platforms deemed safe, reliable, quiet, economical, low maintenance and comfortable to use, but they also boast a range of unique features:
- Retractable lighting
- Bluetooth speak
- App- controlled
- Two-hour AC charge time
- Surge up to 3, 300W
- Prevents overloading
- 1, 800W power output
- 1, 300W (350 AH, 3.7 V)
- 1295 Wh energy storage
- Reduction of carbon monoxide emissions
Standing at a height of 2.5 m, Polare X is inflatable, app-controlled and has a total of 12, 000 lumens. Polare S is relatively shorter at 21 cm and requires a press-and-release function to open and light up. It is also app-controlled but has a total of 6,000 lumens. Black Carbon is an all-in-one, fully integrated, plug and play system built for the Nigerian and African markets.
Growing up in the West African country of Nigeria as a boy, Polare’s CEO, Mathieu Jammal has first-hand, personal experience of the electricity supply challenges in the world’s most populous black nation. This continues to adversely affect every stratum of life there – social, personal, professional, educational, etc.
He is also aware of the heavy reliance on generating sets, to power residential homes and businesses, both small and large. With the recent rising cost and scarcity of petroleum products in the country, operating generator sets is rapidly becoming an expensive venture.
Reports show that 590 million people in Africa currently live without electricity, most of whom are within the rural areas. While in Nigeria, Matheiu researched that 40% have no access to electricity supply.
Polare Group intends to leverage on the huge population to light up a significant part of Africa with Black Carbon. Jamal plans to build and assemble the energy storage units in Nigeria to cater to the nation and, by extension, the entire continent.
The pre-seed investment is being used to perform detailed tests of the entire system together, and develop samples as exhibits for potential clients, among other preliminary stages.
Polare Group envisions pre-orders worth $2 – $6 million by the end of this year, and a further $22 million in 2024. It aims to build Africa’s biggest, battery factory located in Nigeria to produce cheaper and more affordable units.
