Innovex is taking the initiative in smart monitoring of solar energy systems in Uganda

Innovex is engaged in the industrial development, production and sale of monitoring tools for solar panels for the East African market. Innovex Uganda Ltd was founded in 2015. OVO visited the business in October 2017. The founder and CEO is Douglas Karugaba, who can count on a skilled management team behind him.
 
You can donate online via the OVO Acceleration Fund (with tax certificate from 40 euro). Would you like to invest directly? Please contact bjorn@ovo.be  
Location
Uganda
Project duration
2019 - 2024
Theme
Maakindustrie & dienstverlening
An economical software application for solar panel installers

The business project

 
Innovex plans to expand the current pilot activities involving a monitoring system for solar panels to industrial production and sale in order to continue to grow, so that by 2024 the business will have a turnover of USD 6 million.  With the monitoring and switching device the company is focusing on solar energy systems with an output of between 50 W and 20 kW.

 

Why OVO believes in this project

 
Solar energy is a strongly growing market in Africa and has huge potential to stimulate socio-economic development in remote areas where there is no electricity grid. The technology is all imported from the West.  Innovex has the potential and the drive to develop its own technology, specifically aimed at the needs of solar panel users in Africa. Innovex is led by a team of young, well trained people: their motto is “Technology for Africa by Africa”. Innovex has good international contacts and currently has a contract worth USD 50,000 to equip 300 schools and health centers in Kenya with its technology.
 

Investment sought

 
To make growth possible, Innovex is looking for a loan of USD 60,000 (USD 22,000 for investments in equipment and USD 38,000 for working capital). An investment loan of €45,000 is being sought, repayable over 5 years: 4 investors have together made €20,000 of OVO funding available in the form of a 2-year loan at an interest rate of 7%. To develop the housing of the commercial end product, approximately another €10,000 is still needed.
 

Statement

 
There is great demand for reliable technology for solar panels for the socio-economic development of remote areas without an electricity grid.  Innovex can play a major role with its own technology fine-tuned to African needs.