The announcement was made Tuesday by Bloomberg Philanthropies.
It says the lamp, called Little Sun, will provide clear, affordable energy to places dependent on costly and toxic kerosene lighting in sub-Saharan Africa.
The foundation will provide a low-interest rate loan to help the business grow.
The portable lamp is created by Danish artist Olafur Eliasson and engineer Frederik Ottesen. It lasts two to three years before needing a new battery.
The Little Sun project was launched in 2012 at the Tate Modern museum in London.
Consumers in the U.S. and Europe also can buy Little Sun at some museums and stores.