XpressGas raises a first tranche of $6m ($3m in equity from Investisseurs & Partenaires and $3m in debt from BIO) to accelerate the growth of its B2C segment, further consolidate the B2B business, and improve its IT and HSSE standards.
XpressGas Limited is the fastest-growing and one of the largest LPG companies in Ghana. The company currently has 31,000 branded LPG cylinders under management and 27 LPG bulk road and delivery vehicles and it operates a network of 60 LPG refilling stations and vendors across Ghana. The main focus of the business is on the peri-urban and rural areas of the country.
Over 75% of Ghana’s household population still relies on charcoal and kerosene as their primary sources for cooking fuel. With 94% of customers first-time LPG users, XpressGas has a direct positive impact on the air quality of its clients, reducing CO2 emissions, averting deforestation and reducing black carbon emissions, with considerable environmental and health benefits.
XpressGas was launched in 2009 by Kofi Nketsia-Tabiri, and has advanced to the ranks of the top LPG companies in Ghana in just 8 years.
“We are delighted to welcome I&P and BIO’s support of XpressGas’ goal to become the premier LPG marketing and distribution company in Ghana through innovation and exceptional customer service. XpressGas is committed to increase the market penetration of LPG as cooking fuel and contribute to a reduction of deforestation – caused by the use of wood and charcoal as cooking fuels – as well as a reduction in the negative health effects caused by the associated smoke production”, said Kofi Nketsia-Tabiri, founder and CEO of XpressGas.
This transaction further establishes AltRaise as a leading financial advisor in energy access and its continued commitment to raising equity for growth companies driving positive change. It highlights AltRaise’s ability to bring onboard a diverse set of both equity and debt investors supporting growth and sustainability agenda.