The Schmidt Family Foundation has invested USD 3mn in Nithio FI, joining investors such as the US DFI Development Finance Corporation, FSD Africa Investments, EDFI-ElectriFI and Shell Foundation. The data-driven blended finance vehicle will use the investment to provide more off-grid renewable energy products to households and individuals.
The Schmidt Family Foundation was established in 2006 by Eric and Wendy Schmidt to offer grants and make investments through two programmes; 11th Hour Project and Schmidt Marine Technology Partners. It focuses on areas such as renewable energy, resilient food systems, healthy oceans and human rights protection.
About Nithio
The AI-driven platform standardises credit risk assessments to catalyse billions of dollars of capital into solutions that address climate change and achieve energy access. It does so by lending directly to the off-grid solar sector through Nithio FI as well as by supporting other investors.
Key Facts
- The investment aims to support 17,000 households and more than 77,000 individuals.
- More than $3.4mn cumulative additional income will be generated
- Enables Nithio to continue to grow its lending, aligning with plans to invest $170mn in total financing by 2025 and $1bn in total financing by 2030
- Avoids 17,800+ metric tonnes of CO2