NXT Grid, a solar mini-grid provider, has announced it has raised $1.4 million from investors All On and Katapult Climate to expand its operations.
“We are excited about the growth path that the investment enables and about the strategic value and experience our investors bring to the table,” said Fabio De Pascale, CEO and co-Founder of NXT Grid.
NXT Grid, a solar mini-grid supplier, has received $1.4 million in funding from All On and Katapult Climate to expand its operations.
This latest investment follows All On’s initial investment in 2020, which enabled the deployment of Nigeria’s first mini-grids.
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NXT Grid said the new money will help it expand in Nigeria, where 30 grids are expected to be built by 2023.
“All On has already been a great partner for our Nigerian operations since their initial investment in 2020, while Katapult has provided us with access to key resources to be fully ready for our growth in the coming years. Solidifying our relationship with such strategic investors is another step on our path to achieve solar mini-grids everywhere, by anyone,” said Fabio De Pascale.
This latest investment follows All On’s initial investment in 2020, which enabled the deployment of Nigeria’s first mini-grids. NXT Grid said the new money will help it expand in Nigeria, where 30 grids are expected to be built by 2023.
Why The Investors Invested
“We are thrilled about our follow on investment in NXT Grid, which comes after the company proved its model in the Niger Delta region with its first grids in 2021. NXT Grid’s model has the potential to disrupt the clean mini-grids industry in Nigeria and the rest of Sub-Saharan Africa, thanks to the unique ability to empower and enable local companies and local investors to sustainably build and operate solar mini-grids with no prior experience,” Goziem Okubor, Senior Investment Associate of Nigerian off grid energy investor All On said.
Nina Heir, CEO Katapult Climate and Partner at Katapult, a Norwegian climate-focused fund and accelerator, said:
“For the first Katapult cohort focusing solely on climate tech, we evaluated more than 1,000 impressive companies from across the globe. NXT Grid’s offering of providing easily deployable solar mini-grids not only aligns with our investment criteria but speaks to the core of our vision of building a thriving world for all.”
A Look At What NXT Grid Does
Founded in 2019, installing and operating a solar mini-grid is simple and economical thanks to NXT Grid’s revolutionary integrated platform. To enable corporate clients to run their own town-sized utilities, the startup combines AI-based software with rental solar equipment.
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According to the business, mini-grids are a financially and environmentally viable alternative to generators because the upfront expenditures are lowered by 80%.
NXT Grid solar NXT Grid solar
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer