XpressGas Limited, one of the largest Liquefied Petroleum Gas companies in Ghana, has raised $6 million in its first funding round. The funding includes $3 million in equity from Investisseurs & Partenaires and $3 million in debt from BIO.
XpressGas operates a network of 60 LPG refilling stations and vendors across Ghana, with a focus on peri-urban and rural areas. The company manages 31,000 branded LPG cylinders and 27 LPG bulk road and delivery vehicles. Ghana still has a significant reliance on charcoal and kerosene for cooking fuel, with over 75% of households using these sources. 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.
The capital infusion will be used to accelerate the growth of the company’s B2C segment, strengthen its B2B business, and enhance its IT and HSSE (Health, Safety, Security, and Environment) standards.
This transaction, combining a spin-off and capital raise, illustrates AltRaise’s know-how in supporting growth companies to finance their expansion and accessing Tier One Investors in their markets. It also further establishes AltRaise as a leading financial advisor to the energy access sector and our continued commitment to enabling impact at scale.