PayGo Energy, an Energy Access Ventures (EAV) portfolio company, has secured a strategic investment from Saisan Company Ltd (Saisan), a leading Japanese energy company.
As part of the partnership, PayGo will launch its proprietary Cylinder Smart Meter across Saisan’s Gas One retail network to provide Asian households with access to pay-as-you-go liquefied petroleum gas (LPG) for the first time. PayGo will leverage Saisan’s investment capital to establish a foothold in the region.
For PayGo, the partnership provides a footprint in fast-growing emerging economies in South Asia, and a clear path to scale; leveraging Saisan’s extensive distribution and retail network, and the company’s deep expertise in downstream LPG.
At EAV, we are extremely proud of the PayGo Energy team who have collectively delivered on strategic milestones in East Africa with great skill. We believe Saisan’s investment and partnership mark the next phase of PayGo’s growth, and we are excited to help the team make their truly game-changing technologies a reality for customers across emerging markets
EAV has been a true growth partner since day one, adding value far beyond its capital to support us all the way from piloting our proof of concept to reaching this critical milestone. In Saisan we have a partner with generations of LPG experience and a trusted retail brand. We’re excited to work with Saisan to bring our technology to households across the region
For Saisan, PayGo’s technology enables the company to expand its LPG business and to strengthen its reputation as a driver of digital innovation in the LPG sector.
We’re thrilled to be pioneering PayGo’s innovative smart metering technology in Asia, and to provide our customers with the world’s best gas service.
PayGo has also secured investment from the Japan-backed VC fund, Kepple Africa Ventures. Kepple helps blue-chip African startups raise funds from and form strategic partnerships with large Japanese corporates.
The deal sees PayGo continue to build momentum as the company gears up for its Series B raise in the coming months.
About PayGo Energy
PayGo Energy is a venture-backed technology company, founded in Nairobi, Kenya in 2015. PayGo’s vision is to ‘Unlock Clean Cooking for the Next Billion’. PayGo builds hardware and software solutions to help grow early-stage markets for LPG. PayGo’s patented Cylinder Smart Meter (CSM) is an IoT device that accurately measures the flow of gas from an LPG cylinder in the customer’s home, enabling households to pay for gas in small amounts using mobile money. The PayGo CSM is the only LPG smart meter on the market that is certified under ATEX directives.
About Saisan Company Ltd.
Saisan is a vertically integrated energy business, headquartered in Saitama, Japan and founded in 1945. Saisan’s vision is to become a premier company of general energy and living support businesses. in Japan and the Asia-Pacific region. Saisan is the eighth largest LPG distributor in Japan, and holds downstream investments in 9 other Asian markets (Mongolia, Vietnam, Indonesia, Cambodia, Bangladesh, Nepal, Thailand Laos and India) under its Gas One Group.
About Energy Access Ventures
Energy Access Ventures is a leading early-stage investment firm in Africa. With over 40 years of investment experience in Africa, EAV is uniquely positioned to take advantage of the emerging smart, distributed, low-carbon infrastructure market segment. EAV’s first fund was raised in February 2015 and is €75,000,000 in size with 9 investment professionals, and 13 portfolio companies to date. The fund is sponsored by the leading French multinational, Schneider Electric, and is managed by Aster Capital in Paris. Its investors are CDC, European Investment Bank, Proparco, Fonds Français pour l’Environnement Mondial, FMO, OFID and Schneider Electric.