Altech Group

Altech Group

Clean, affordable energy for DR Congo.

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£500k

Debt
Total Funding000k

Financials

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Revenues, earnings & profits over time
USD20222023
Revenues00000000
% growth-62 %
EBITDA00000000
Profit00000000
EV00000000
EV / revenue00.0x00.0x
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R&D budget00000000

Source: Dealroom estimates

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More about Altech Group
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Altech Group operates as a key distributor of clean energy products in the Democratic Republic of Congo (DRC), a market where approximately 90% of the population lacks access to electricity. The company was founded in 2013 by Washikala Malango and Iongwa Mashangao, whose personal journeys are deeply connected to the company's mission. Both founders grew up in a refugee camp in Tanzania after fleeing the civil war in their home village. Their shared experience with energy poverty became the primary motivation for establishing a business to address the DRC's significant energy deficit. After receiving scholarships to the University of Dar es Salaam and being named Washington Mandela Fellows, they returned to the DRC to launch Altech.

The company's business model is centered on providing affordable and reliable energy solutions to off-grid and poor-grid households. Altech sources and distributes a variety of products, including solar lanterns, solar home systems (SHS) with appliances, and clean cookstoves. To make these products accessible, Altech utilizes a Pay-As-You-Go (PAYGO) financing model, allowing customers to pay in manageable installments via mobile money. This approach directly targets the financial barriers faced by low-income households, which previously relied on expensive and hazardous energy sources like kerosene, candles, and diesel generators.

Distribution is a cornerstone of Altech's strategy, featuring a wide-reaching network of over 170 retail locations and more than 4,500 'Solar Ambassadors' and sales agents across 22 of the DRC's 26 provinces. This extensive last-mile distribution network is critical for reaching remote and rural communities, including those in conflict zones. By establishing a physical presence and a dedicated sales force, the company ensures product availability, customer service, and lifetime product repair.

Altech has demonstrated significant growth and impact, having sold over 450,000 clean energy products and impacting more than 2.25 million people. The company has secured substantial debt financing and grants from various international partners, including the Energy Entrepreneurs Growth Fund (EEGF), Rabobank, SIMA Funds, and the UNCDF, to fuel its expansion. These funds have been instrumental in increasing inventory, opening new sales outlets, and broadening its product portfolio, which now includes e-mobility and water point solutions. Keywords: clean energy, Democratic Republic of Congo, PAYGo solar, last-mile distribution, off-grid energy, solar home systems, rural electrification, energy access, impact investing, social enterprise, Washikala Malango, Iongwa Mashangao, sustainable development, clean cookstoves, mobile money, energy financing, African startups, renewable energy DRC, solar distribution network, financial inclusion

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