Bloomberg Philanthropies funded Little Sun with $5 million investment
Michael Bloomberg’s, Bloomberg Philanthropies, raised $5 million funding in Little Sun, a lamp powered by solar energy to give clean and less expensive light to those in the African population who are dependent on lamps powered by kerosene.
Little Sun would be expanding its production and distribution to its target market through the investment. This would also be the first investment that the organization would be supporting to a social business.
The Little Sun was created by Engineer Frederik Ottesen and Olafur Eliasson, a Danish artist known for his 2008 New York public art of artificial waterfalls in the city. Little Sun has been available in eight countries in the African region. This included Kenya, Nigeria, Senegal, Ethiopia, Burundi, Zimbabwe and South Africa. The handheld lamp could last up between two to three years before users need to replace its battery.
The Little Sun Company said that households would be able to save a hefty 90 percent in a period of three years of what they spend on lamps powered by kerosene.