Oikocredit invests US$ 2 million in SureChill to support off-grid communities with cooling solutions in Africa

Amersfoort, the Netherlands – Social investor Oikocredit has teamed up with Triodos Investment Management (Triodos IM) to provide a total loan facility of US$ 4 million to support SureChill in bringing reliable refrigeration to off-grid and weak-grid communities in Africa.

To support SureChill’s growth strategy, Oikocredit and Triodos IM - through Hivos-Triodos Fonds - are providing credit for the company’s working capital needs. This investment underlines the cooperative’s commitment to the PURE (productive use of renewable energy) sector. SureChill’s solar-powered refrigerators enable small and medium enterprises to generate additional income by selling more cool and fresh products, and medical centres and clinics to store and dispense reliably cooled vaccines.

SureChill’s sustainable cooling technology requires no batteries but harnesses the natural energy storage properties of water and keeps temperatures constant for as long as 12 days without continuous power. Additionally, SureChill’s solar cooling units consume 50% less energy and produce lower CO₂ emissions than ordinary refrigerators.

Emilien Di Gennaro, CEO  at SureChill, said: “We are thrilled to collaborate with such esteemed partners who share our commitment to sustainable innovation. 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”.

Ricardo Balbuena Blengeri, Head of Corporate Debt Africa/Latam at Triodos IM, said: “SureChill is a real game-changer, developing and offering new green solutions and create more resilience in energy and food security. It makes them a clear fit with our mission to catalyse green, inclusive prosperity in emerging markets. The company is poised for further growth and we look forward to be part of their remarkable journey.”

Henna Savolainen, Renewable Energy Investment Officer at Oikocredit, said: “We are very proud to be a first lender to SureChill, which is impressively pioneering refrigeration in off-grid and unreliable-grid areas. SureChill’s environmentally friendly and innovative cooling technology reduces domestic food waste, protects vital medicines and improves livelihoods through increased income opportunities – social impact goals that are fully aligned with ours.”

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 and is based in Cardiff and employs 34 people in 7 countries. www.surechill.com

For more information, visit surechill.com.

About Triodos Investment Management

For over 30 years, Triodos Investment Management has been connecting investors who want to put their money towards lasting, positive change with innovative entrepreneurs and sustainable companies that are doing just that. In this way, we act as a catalyst in those sectors that play a key role in the transition to a fairer, more sustainable and more humane world.

Our investment activities focus on five interconnected transition themes: Food, Energy, Resource, Societal and Wellbeing. Our mission as a financial player is to enable and accelerate these essential transitions.

Triodos Investment Management operates globally as an impact investor and is a wholly owned subsidiary of Triodos Bank NV. Assets under management at the end of 2023: EUR 5.7 billion. www.triodos-im.com

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.

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Note for editors

For more information or to request an interview, please contact:

Ceri Jones, Chief Commercial Officer, SureChill, Mobile: +44 (0) 7900003681, Email:ceri.jones@surechill.com                                        

Gera van Wijk, Marketing and Communications, Triodos Investment Management, email: gera.vanwijk@triodos.nl.

Viviana Cordero, Communications Business Partner, Oikocredit International, telephone: +31 33 422 4040, email: vcordero@oikocredit.org.