SureChill secures strategic investment to expand its footprint in providing sustainable and innovative cold chain solutions in emerging markets
SureChill, a sustainable refrigeration technology leader, has secured strategic equity investment from multiple partners including Gaia Impact and EDFI. The funding will accelerate their "Cooling as a Service" model in Kenya and Nigeria, building on their track record of delivering 180 million safe vaccine doses and helping to achieve their aim to impact 30 million people over the next five years
- (1888PressRelease) October 24, 2024 - SureChill, a leader in sustainable refrigeration technology, has secured a strategic equity investment from key partners including Gaia Impact, Sanofi’s Impact Investment Fund, EDFI, Chroma Impact Fund, Next54 (CFAO Group VC), and Novastar. This investment will enable the company to scale its efforts in delivering cutting-edge cooling solutions critical for global health and sustainability. Additionally, SureChill is being supported by Oikocredit and Hivos-Triodos Fonds with a credit facility aimed at accelerating the deployment of its “Cooling as a Service” model in Kenya and Nigeria, while providing working capital to its distributors.
These new partnerships underline SureChill's commitment to advancing the productive use of renewable energy (PURE) sector and achieving its mission of delivering reliable cold chain solutions in underserved regions. SureChill's innovative refrigeration systems enable small and medium-sized enterprises to generate additional income by preserving fresh products, while medical centers and clinics can reliably store and dispense vaccines and other temperature-sensitive medicines.
This combined investment will further strengthen SureChill’s impact in several key areas:
Unique off-grid and weak-grid cooling: Over the next five years 30 million people impacted by the power of SureChill refrigeration through innovations and exciting new commercial models such as Cooling as a Service and Energy as a Service
Vaccine preservation: SureChill’s technology has already facilitated the safe delivery of 180 million vaccine doses, ensuring that life-saving immunizations reach vulnerable populations in remote regions.
Improved health outcomes: This investment will enable SureChill to extend its reach, particularly in support of the GAVI 2030 initiative aimed at reducing the number of zero-dose children.
Reduction in greenhouse gas emissions: By leveraging renewable energy and energy-efficient technology, SureChill solutions reduce greenhouse gas emissions by 70% compared to conventional refrigeration systems, contributing to a more sustainable future.
Food waste reduction: SureChill’s refrigeration technology plays a crucial role in reducing food waste by maintaining optimal conditions for perishable goods, particularly in regions where food security remains a significant challenge.
Expanding reach: Over the next five years, SureChill’s innovative refrigeration models, including "Cooling as a Service" and "Energy as a Service," are expected to positively impact the lives of 30 million people.
Contributing to the UN’s Sustainable Development Goals: Owning a SureChill solar fridge contributes to nine of the United Nations’ Sustainable Development Goals, creating meaningful change beyond just refrigeration.
The strategic partnership with the new investors represents a shared vision of creating long-lasting impact through innovation. Rather than simply providing financial backing, these partners bring decades of expertise and support to help SureChill accelerate its mission.
"We are thrilled to collaborate with such esteemed partners who share our commitment to sustainable innovation," said Emilien Di Gennaro, SureChill CEO. "Together, we are taking concrete steps toward solving critical global challenges related to vaccine preservation, climate change, gender equality, and food security. SureChill’s pioneering refrigeration technology, which operates without a constant power supply and without batteries, is set to drive universal access to cooling”.
Additionally, this investment supports the expansion of local commercial, logistical, and technical platforms in Sub-Saharan Africa. After establishing a Kenyan entity in 2020, SureChill has recently set up a new entity in Nigeria to further expand its unique and innovative business model, "Cooling as a Service."
About SureChill
SureChill is disrupting the cooling industry, the patented SureChill technology was developed originally to aid the safe storage of vaccines in developing countries, but it is now being utilised in a number of other industry sectors. The technology is adaptable to suit any cooling requirement it’s scalable from cool box to warehouse.
SureChill is at the forefront of sustainable refrigeration technology, providing reliable cooling solutions to regions with limited access to electricity. Its patented cooling technology has a wide range of applications, from healthcare to food preservation, ensuring critical supplies are safely stored even in the harshest environments.
SureChill was founded in 2010, is headquartered in Cardiff and employs 40 people in 7 countries. www.surechill.com
For further information contact: Ceri Jones
Email:ceri.jones ( @ ) surechill dot com Mobile: +44 (0) 7900003681
About Gaia Impact
Gaia Impact advises GEIF II, an impact VC fund targeting communities and businesses with little or no access to electricity. It aims to invest in equity and quasi-equity, with tickets ranging from €500,000 to €5 million, in around twenty companies in the seed or growth phase (seed to series B), mainly in Africa. GEIF II is managed by Capital Croissance, an AMF-approved asset management company, while the Gaia Impact team acts as exclusive advisor and drives investments. Since 2017, the Gaia Impact team has led investments in sixteen companies (start-ups and SMEs) active in the decentralized renewable energy value chain in rural and urban areas.
About Sanofi’s Global HealthUnit
Sanofi’s Global Health Unit is a pioneering, not-for-profit social business model with a mission to improve the lives of underserved populations in 40 countries with the highest unmet medical needs through innovative inclusive healthcare models and partnerships, delivering a sustainable impact. Established in 2022, the Impact Investment Fund is focused on supporting the scale up of businesses to improving access to healthcare by supporting startup companies and other innvoators who can deliver scalable solutions for health care in underserved regions.
About EDFI Management Company – ElectriFI
The Electrification Financing Initiative – ElectriFI, managed by EDFI Management Company, is an impact-first investment facility, funded by the European Union, USAID’s Power Africa programme, the Government of Sweden and the Government of Italy. ElectriFI is investing in early-stage private companies and projects that increase or improve access to and supply of sustainable energy in developing countries. For more information, visit www.electrifi.eu.
EDFI Management Company (EDFI MC) is a multilaterally owned impact asset manager which delivers innovative development finance solutions that enable European DFIs, development banks and private sector investors to increase the scale and impact of their work. The company focuses on business models, technologies and geographies where other investors have not been able to operate at the desired scale given their resources and investment criteria. For more information, visit www.edfimc.eu.
About Chroma Impact Fund
Chroma Impact Investment develops renewable energy production facilities and invests in companies focusing on energy transition having a positive impact on a large number of people.
Chroma’s investors come from Belgian industrial families who want to participate in the energy transition, while contributing concretely to the development of meaningful projects with a positive social and environmental impact.
About Next 54
Next54, formerly known as Health54, is the Corporate Venture Capital (CVC) vehicle of the CFAO Group. With an expanded focus on healthcare, consumer goods, and green infrastructure, Next54 supports the growth of innovative startups across Africa. In partnership with Mobility54, the Group’s CVC dedicated to new mobility, Next54 invests in high-potential companies, leveraging innovation, digitization, and synergies with the CFAO Group to address the continent's economic and technological challenges.
About Novastar
Next54, formerly known as Health54, is the Corporate Venture Capital (CVC) vehicle of the CFAO Group. With an expanded focus on healthcare, consumer goods, and green infrastructure, Next54 supports the growth of innovative startups across Africa. In partnership with Mobility54, the Group’s CVC dedicated to new mobility, Next54 invests in high-potential companies, leveraging innovation, digitization, and synergies with the CFAO Group to address the continent's economic and technological challenges.
About Oikocredit
Social impact investor and worldwide cooperative Oikocredit has nearly five decades of experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.
Oikocredit finances more than 520 partners, with total outstanding capital of € 1,099.1 million (at June 2024). For more information, visit www.oikocredit.coop.
For more information or to request an interview, please contact: Viviana Cordero, Communications Business Partner, Oikocredit International, telephone: +31 33 422 4040, email: vcordero ( @ ) oikocredit dot org dot
About Hivos-Triodos Fonds
Established in 1994, Hivos-Triodos Fonds is a joint initiative of Triodos Bank and Hivos and one of the first global movers in financial inclusion investments. The combination of public and private funding from Hivos and Triodos Bank respectively remains a great example of an effective and successful blended finance initiative. Today, Hivos-Triodos Fonds invests in scalable enterprises in developing and emerging economies with a focus on sustainable agricultural value chains and providing access to renewable energy solutions. Hivos-Triodos Fonds is managed by Triodos Investment Management, a globally active impact investor and a wholly owned subsidiary of Triodos Bank NV. For more information: www.triodos-im.com.
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