For every £70 invested into this campaign, Simusolar will be able to purchase and supply a solar fishing light system to a Tanzanian fisherman.
Your investment will help Simusolar provide approximately 2,500 solar fishing light systems.
Founded in 2014, Simusolar provides and finances accessible, affordable and energy-efficient systems designed for smallholder farmers and fishermen in Sub-Saharan Africa. The solar systems they provide are designed to meet the needs of rural households and smallholders and to help enable them to achieve their vision in an affordable and sustainable way.
Since their incorporation, Simusolar have sold 7,844 solar fishing lights with plans to expand to a further 64,000 units over the next 5 years. Environmental impact stats collected by Acumen measured that each lantern averts 1,630kg of greenhouse emissions and black carbon per year. Assuming at least two years of use per lantern, Simusolar has averted approximately 25,000 tons of black carbon and greenhouse gases through the sale of their solar fishing lights.
This project benefits from match funding from UK aid. UK aid are providing a £50,000 of match funding into this offer. This means that for every £3 invested into this project by the crowd an additional £1 will be invested through match funding
Key product information
Issuer: Simusolar Inc.
Issuing Country: USA
Investment target: £200,000
Minimum investment: £50
Maximum investment: No maximum
Maturity: 12 months
Expected interest rate: 7% per annum
Witholding tax rate: 30% (Applicable even when investing within the IFISA. It is possible for UK tax residents to reduce this withholding tax rate to 0% through completion of a W-8 BEN form. Investors are responsible for informing themselves as to their individual tax status. The W-8 BEN form will be sent to investors by Simusolar once the offer is funded.)
Interest payment frequency: 6 monthly
Notional repayment: 6 monthly
Financial instrument: Unsecured interest bearing bond
This is a bond issued by a single company (rather than a savings product) and therefore it is recommended that you are careful with the amount you invest.
You must read the investment memorandum (provided below) where a full statement of risks is presented.
See what Simusolar do
Simusolar are one of the pioneering solar companies supported by the Energise Africa initiative, a joint venture between Lendahand and Ethex
What the project investment will enable
The funds from this raise will be used for the purchase and shipping of approximately 2,500 solar fishing light systems
Simusolar's Catch Fishing Lamps are manufactured by Omnivoltaic and are Lighting Global Certified with each system containing a 13W solar PV, lithium battery, waterproof LED light and charging slot for mobile phones.
Fishing is the third most important export industry in Tanzania, and its lakes and oceans are a major hub for night fishing, with up to 100,000 fishers many of whom use kerosene lamps. The costs of maintaining these lamps is high with between 35-50% of fisher's take home pay being used to pay for lighting equipment and fuel. Kerosene also contributes high levels of greenhouse gases which can be harmful to both fishermen and the environment. Each solar fishing lamp is specifically designed for night fishing and is able to run for 14 hours straight when fully charged allowing for a constant source of light throughout the night with which to attract fish.
The money raised from this campaign will go toward supplying 2,500 solar fishing light systems to Tanzanian fishermen. The funding will support the sale of equipment in areas around Lake Victoria in Mwanza, Mara, Muleba, Ukerewe and Kagera.
Having already successfully sold 7,844 solar fishing lights since their incorporation, Simusolar is aiming to deploy a further 64,000 solar systems of varying size within 5 years to benefit farmers, fishermen and households across Tanzania.
Social and environmental impact
Solar fishing light systems have been shown to have a significant impact on fishers' lives and the environment. Solar fishing systems produce fewer pollutants and greenhouse gases compared to other fuel-based systems whilst also reducing costs which would have otherwise been incurred from purchasing these fuels.
Social impact statistics taken from a business impact report conducted by Acumen was produced to look at how Simusolar's solar products have improved and impacted their customer's lives.
of fishing light customers said that they saved money and increased their overall income.
of respondents felt that their quality of life had improved with the addition of their Simusolar product.
of home system customers mentioned the convenience of having bright and continuous light at home.