Magic Johnson Enterprises Chairman and CEO Magic Johnson speaks onstage at the SUPERCHARGED Summit By Kwanza Jones At NeueHouse Hollywood on October 27, 2018 in Los Angeles, California.
Jesse Grant | Getty Visuals
Basketball Corridor of Famer Magic Johnson has joined tech firm Uncharted Power’s board of administrators, the enterprise informed CNBC.
Uncharted Electricity, a renewable strength engineering company, was launched in 2011 by Jessica O. Matthews, who at age 19, invented SOCCKET, a soccer ball that converts kinetic electrical power into 3 hrs of electrical power for lighting after an hour of perform. Matthews also established PULSE, a soar rope that can deliver an hour of light-weight immediately after 15 minutes of use.
In his new function, Johnson, 60, will develop Uncharted Power’s electrical power applications to U.S. communities though helping the corporation build new partnerships “and suggest its executives on strategic sector development initiatives,” in accordance to the company.
“A lot of of America’s urban, multicultural communities are being still left behind when it comes to simple human legal rights this sort of as sensation protected in the group, providing for spouse and children, obtaining an instruction and, quite actually, retaining the lights on,” Johnson explained in a assertion this 7 days.
Matthews, now 32, released her organization underneath the identify Uncharted Enjoy, but rebranded in 2017 to Uncharted Electric power as the enterprise expanded. Matthews said the motivation to enter the power infrastructure sector arrived from traveling to loved ones in Nigeria, where she found Africa’s energy challenges.
According to the International Power Company, 600 million people continue to be with no accessibility to electrical power in sub- Saharan Africa. And far more strength tech providers are displaying up in Africa hoping to consider gain of its off-grid electricity industry that is worthy of approximately $24 billion, according to a report by consulting agency Kleos Advisory.
Uncharted Electric power says it really is “making the world-wide-web for decentralized strength” and aims to make new vitality sources via transforming sideways and roadways “into a intelligent, sustainable and available ability network.”
Uncharted Electric power mentioned it has lifted $12.5 million, with investors including Disney, Kapor Capital, BBG Ventures, and Lingo Ventures. The enterprise has places of work in Harlem and Poughkeepsie, New York.
Johnson, the previous Los Angeles Lakers excellent and CEO of enterprise funds firm Magic Johnson Enterprises, initially invested in Uncharted Ability during the company’s $7 million Series A funding round. The business did not say how a lot Johnson has invested.
7 other present-day NBA players are also traders in Uncharted Electric power, the company explained, but the company declined to identify them. Tech has captivated many existing and former NBA stars as traders in excess of the years.
Major NBA names like Brooklyn Nets star Kevin Durant and Miami Heat star Andre Iguodala are notable tech buyers. Iguodala, who just declared a new partnership with Comcast Ventures, also is an trader in tech organizations like Facebook, Tesla, Twitter and Apple.
Correction: An previously edition misstated the place just one of Uncharted Power’s workplaces is positioned. It is really Poughkeepsie, New York.
Disclosure: Comcast owns NBCUniversal, the guardian enterprise of CNBC.