Bloomberg invests $5 million in portable solar-powered lamp for off-grid African populations

Wednesday, April 23, 2014

Former New York Mayor Michael Bloomberg’s foundation has announced a $5 million investment in an artsy-looking solar-powered lamp designed for use in off-grid populations in Africa.

The announcement was made Tuesday by Bloomberg Philanthropies.

It says the lamp, called Little Sun, will provide clear, affordable energy to places dependent on costly and toxic kerosene lighting in sub-Saharan Africa.

The foundation will provide a low-interest rate loan to help the business grow.

The portable lamp is created by Danish artist Olafur Eliasson and engineer Frederik Ottesen. It lasts two to three years before needing a new battery.

Source: Associated Press (link opens in a new window)

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Energy, Entrepreneurship
Tags
investment fund, solar