Nigerian off-grid energy impact investing company All On, seeded by Shell, has announced an additional USD500,000 investment in renewable energy company Auxano Solar.
In 2017, the United States African Development Foundation (USADF) and All On financed $100,000 in Auxano Solar to automate their solar panel assembly business in Lagos. All On then invested another $1.5 million in Auxano in 2020 to help it build a new 100 MW per year solar panel assembly factory in Ibeju-Lekki.
Wiebe Boer, CEO of All On
“The factory is nearing completion and the company continues to grow fast, resulting in the need for another $500,000 working capital investment, which we just closed. Working with Auxano Solar Nig. Ltd has been an investor’s dream. The 100% Nigerian company is entrepreneurial and execution oriented, and ready to learn and constantly improve. Look forward to continuing to support the company’s growth. I predict that Auxano will be Nigeria’s first solar unicorn,” Wiebe Boer, CEO of All On, said in a statement.
All On was established by Shell to contribute to addressing Nigeria’s access to energy gap through impact investing and the creation of an enabling environment for players in the off-grid sector to thrive.
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‘‘All On works with strategic partners on advocacy and policy issues to fast track the creation of an enabling environment for the renewable energy sector.
All On promotes innovation and identification of promising business and deployment models, helps partners and entrepreneurs to obtain and share information effectively, commissions industry relevant research, contributes to capacity development, and other activities required to accelerate scaling of the off-grid energy sector in Nigeria,’’ the company notes on its website.
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