|By PR Newswire||
|April 22, 2014 07:00 AM EDT||
NEW YORK, April 22, 2014 /PRNewswire-USNewswire/ -- Bloomberg Philanthropies today announced a $5 million impact investment in Little Sun, creators of portable, solar-powered lamps designed by co-founders: artist Olafur Eliasson and engineer Frederik Ottesen. The company works with local entrepreneurs to sell its lamps to households where electricity is scarce or unavailable, at prices that are affordable to families currently using costly and toxic kerosene for their lighting. Little Sun operates as a social business, created specifically to address a social problem rather than to maximize profits.
This is Bloomberg Philanthropies first-ever impact investment and will provide a low interest rate loan that will allow Little Sun to grow, providing clean and affordable energy to homes, schools and local business in Sub-Saharan Africa. The Foundation undertook a rigorous due diligence process to evaluate the viability of the Little Sun business model and determined that solar powered lamps can provide enormous environmental and social benefits.
"Today, seven out of ten people lack access to even the most basic electricity in Sub-Saharan Africa. Over the next 20 years, Africa is poised to hold the world's largest un-electrified population," said Felix Hallwachs, Little Sun Managing Director and CEO. "The impact investment from Bloomberg Philanthropies will help us reach our goal of providing clean energy to homes, schools and local businesses, replacing toxic kerosene lamps everywhere we work. We consider access to clean, safe and sustainable energy a fundamental human right."
Currently, households in Africa not connected to the electric grid can spend up to 20% of their total budgets on kerosene, which is the primary source of light for many of these households. Breathing kerosene toxins is also damaging to health – four hours alone is equal to smoking 40 cigarettes. Additionally, global kerosene use has been estimated to emit up to 200 million tons of CO2 annually, which is the equivalent of emissions from approximately 60 large U.S. coal plants, heightening the need to develop sustainable alternatives.
To provide the greatest number of people with access to the benefits of solar-powered light, Little Sun's initial product is priced at the most affordable end of the spectrum of portable solar products. One solar-powered Little Sun light lasts for two to three years before needing a battery replacement, and can save households up to 90% over three years compared to what they would have spent on kerosene. The targeted price point still allows profits to be collected by the local entrepreneurs who sell the lights in their communities.
"Too many families are forced to breathe in toxic kerosene fumes because they don't have access to electricity. Solar-powered lights can improve their health - and at the same time, protect our environment - by keeping pollutants out of the air they breathe," said Michael R. Bloomberg, founder of Bloomberg Philanthropies. "Little Sun is bringing clean, safe, affordable light to people who don't have it today."
While other solar-powered lights are also available, Little Sun is unique in that it is the only light that is also a work of art, inspired by the power of sunlight and energy access.
"I am thrilled by the confidence that Michael Bloomberg and his great team at Bloomberg Philanthropies have shown toward our unique social business model and our aim to bring light to people living off the energy grid. To promote solar power in the shape of a Little Sun is to invest in radical change for the lives of many while, at the same time, caring for the planet we share. Holding hands with the sun is holding hands with the future," said Little Sun co-founder and artist Olafur Eliasson. "With a Little Sun in your hand, you become a power station - charging your lamp in the sun, you also empower yourself. Access to energy and light allows you to determine the direction of your life."
The lamp's exceptional design and engineering has made it popular, not just in areas without electricity but around the world. Little Sun is sold at museum stores and other outlets in regions including the U.S. and Europe, at a higher price, utilizing the profits from these sales to keep off-grid sales prices locally affordable and to kick-start local businesses in off-grid communities. The Little Sun project was launched in 2012 at the Tate Modern in London, where the lamp continues to be available for purchase. They are also available for purchase online and in museums, like the MoMA Design Store in New York City and select retail stores in the U.S. and Europe.
About the Little Sun Project
Little Sun is an innovative way to get clean, affordable light to the 1.6 billion people worldwide without access to the electrical grid. The Little Sun project was officially launched in July 2012 at London's Tate Modern and currently has distribution in Ethiopia, Uganda, Kenya, Burundi, Nigeria, Senegal, South Africa, and Zimbabwe, as well as in Europe, Australia, New Zealand, Japan, Canada, and the U.S. The Little Sun social business also helps improve off-grid livelihoods by reducing household expenditures on expensive lighting fuels and by supporting off-grid entrepreneurs who can sell the lamps in their communities, generating local profits. Little Sun engages in projects with partners such as art institutions, international agencies, NGOs, and the private sector to raise global awareness of energy access and solar power. For more information, click here, littlesun.com or visit us on Facebook, Twitter @LittleSun, or Instagram at littlesunenergy.
Contact - [email protected]
About Bloomberg Philanthropies
Bloomberg Philanthropies' mission is to ensure better, longer lives for the greatest number of people. The organization focuses on five key areas for creating lasting change: Public Health, Environment, Education, Government Innovation and the Arts. Bloomberg Philanthropies encompasses all of Michael R. Bloomberg's charitable activities, including his foundation and his personal giving. In 2013, Bloomberg Philanthropies distributed $452 million. For more information, please visit bloomberg.org or follow us on Facebook and Twitter @BloombergDotOrg.
Contact: Meghan Womack, +212-205-0176, [email protected]
SOURCE Bloomberg Philanthropies
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 12:30 AM EDT Reads: 1,545
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 11:45 PM EDT Reads: 1,195
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Jul. 23, 2016 11:30 PM EDT Reads: 2,096
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Jul. 23, 2016 11:30 PM EDT Reads: 798
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 11:15 PM EDT Reads: 1,214
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
Jul. 23, 2016 11:15 PM EDT Reads: 1,806
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jul. 23, 2016 11:15 PM EDT Reads: 1,851
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Jul. 23, 2016 11:00 PM EDT Reads: 2,216
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jul. 23, 2016 10:15 PM EDT Reads: 2,418
“Being the one true cloud-agnostic and storage-agnostic software solution, more and more customers are coming to Commvault and saying ' What do you recommend? What's your best practice for implementing cloud?” explained Randy De Meno, Chief Technologist at Commvault, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 10:00 PM EDT Reads: 1,569
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 10:00 PM EDT Reads: 1,574
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
Jul. 23, 2016 09:30 PM EDT Reads: 1,940
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...
Jul. 23, 2016 09:30 PM EDT Reads: 1,871
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 23, 2016 09:00 PM EDT Reads: 1,809
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Jul. 23, 2016 08:45 PM EDT Reads: 1,646