CrossBoundary Access and Mobile Power have announced a significant partnership valued at $10 million, aimed at introducing Mobile Power’s MOPO Hubs in Nigeria. This initiative seeks to provide access to clean energy for approximately 300,000 people through an innovative battery service. To initiate this collaboration, CrossBoundary Access has initially committed $2.25 million, with the potential to extend their investment up to $10 million.
Key Takeaways:
- CrossBoundary Access and Mobile Power have joined forces to deploy MOPO Hubs in Nigeria, with a total investment of $10 million.
- This partnership marks a pioneering approach in Africa by utilizing infrastructure financing to invest in battery-swapping technology.
- The primary goal is to offer access to clean energy to 300,000 individuals without requiring upfront payments, thanks to solar-powered, pay-per-use MOPO batteries.
Solar energy has revolutionized electricity generation, and MOPO Batteries, along with their associated hardware and software, are poised to transform electricity distribution. For Mobile Power, this partnership accelerates the deployment of their technology in Nigeria. Simultaneously, for CrossBoundary Access, MOPO Hubs complement their existing mini-grid portfolio, offering a more cost-effective and rapid deployment method compared to traditional distribution infrastructure.
CrossBoundary Access will oversee the financing, development, and ownership of the projects, while Mobile Power will ensure the delivery of clean and reliable electricity to residents.
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MOPO Hubs, powered by solar energy, enable customers to access energy without upfront costs, utilizing secure pay-per-use MOPO batteries distributed by local Mobile Power agents. Additionally, each MOPO Hub creates employment opportunities for local individuals, supporting both men and women. The cost-effective deployment strategy, coupled with data collection capabilities, allows CrossBoundary Access to optimize the placement of future mini-grid sites and connections, ultimately enhancing socio-economic opportunities and expanding energy access.
Legal counsel for CrossBoundary Access in this transaction was provided by Foley Hoag LLP, while Mobile Power received legal advice from Knights PLC.
Lynne Wesonga, Associate Director and lead for the transaction at CrossBoundary Access, highlighted the impact of combining innovative financing with technology, emphasizing the potential to efficiently allocate capital and deliver electricity to a broader population.
Chris Longbottom, CEO of Mobile Power, sees this partnership as a turning point in energy infrastructure investment in Africa, offering scalable solutions to previously challenging infrastructure issues.
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Gabriel Davies, Managing Director and co-founder of CrossBoundary Access, believes that battery-based electricity distribution represents a significant revolution in the power sector, allowing for better alignment of distribution costs with customer needs.
Michiel Bakker, CFO of Mobile Power, views this partnership as a substantial step towards channeling investment capital into affordable, reliable, and sustainable energy solutions to boost economic productivity in African communities.
CrossBoundary Access is Africa’s leading blended finance platform for mini-grids, employing innovative financing to provide grid-quality electricity to rural households and businesses in Africa. The platform has secured substantial investments and aims to bring clean energy to one million Africans over the next three years.
Mobile Power is a growth-focused company specializing in deploying practical and affordable energy infrastructure across Africa. Their MOPO Batteries offer energy-as-a-service to a diverse customer base, with integrated payment technology for convenient access to clean energy. Mobile Power aims to connect millions of households in the years ahead through its expanding network of solar-powered hubs.
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