Greenage Technologies Power System Limited has received a $500,000 investment from All On, a Shell-funded impact investment firm, to fund the building and expansion of its charge controllers and inverters manufacturing facilities in Enugu State, South-East Nigeria.
Greenage Technologies will benefit from the investment, which is a mix of equity and convertible debt, by doubling its existing manufacturing capacity for inverters, charge controllers, and the possibility of assembling lithium-ion batteries, according to Ogechukwu Uchechukwu, co-founder and head of business development at Greenage Technologies.
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“We are delighted to receive this support from All On that will reduce the cost of solar energy components through local manufacturing,” he said.
According to All On, the investment will allow Greenage Technologies to grow its manufacturing operations by acquiring and developing a new plant, as well as support its working capital requirements, allowing it to satisfy the increased demand for locally manufactured solar system components.
All On CEO Wiebe Boer stated that the business was happy to close another transaction to improve the localisation of the solar supply chain, and that through this investment, All On was reducing the share of solar components imported into Nigeria.
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“This investment is at the core of our commitment to investing in youth-driven Nigerian companies like Greenage to accelerate the sector’s growth and contribute to closing the energy access gap,” Boer said.
Greenage was the 2018 winner of the United States African Development Foundation (USADF)/All On Off-Grid Energy Challenge, getting $100,000 to fund the installation of solar systems in over 40 houses and businesses.
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“This additional funding is an indication of All On’s growing confidence in the company’s vision to play an increasingly important role within the Nigerian renewable energy value chain as a manufacturer of solar energy system components,” he said.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh