Record Investment Fuels Growth in Off-Grid Solar Technologies

Last year, even though the money for solar projects around the world went down by 43 percent, there was more interest and money put into special solar technologies, according to an article published today in TechCrunch. These are called Productive Use of Renewable Energy (PURE) technologies, and they include things like solar-powered water pumps, refrigerators, and equipment that helps farmers grow and store their crops better.

The group that keeps an eye on these off-grid solar projects, known as GOGLA, said that these special technologies got $65 million in 2023, which is twice as much money as they received in 2022. One of the companies making use of this investment is called Figorr, and it helps keep things like food and medicine cold when they need to be moved from one place to another.

Making Life Better

Laura Fortes, who helps manage investments at GOGLA, explains in the article that these technologies are exciting because they help people make more money and live better lives. They are especially important for small farmers and health clinics. By using solar power instead of old diesel pumps or coolers that need a lot of fuel, these technologies help fight climate change and make life better for small farmers.

Overall, all the solar projects not connected to the main power grid raised $425 million last year. A lot of this money went to companies in Africa, helping them provide power to places where there’s no electricity. Sadly, there’s still a big problem because not enough new companies are getting the money they need to help more people get electricity. Fortes told TechCrunch more ways need to be found to help these solar projects grow big enough to really make a difference in getting electricity to everyone who needs it.

While funding always remains limited and dispersing it is full of challenges, the growing interest in technologies that help farmers and improve lives with solar power is a bright spot in the solar energy field.

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