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All On Invests $2.25M in Nigeria’s Baobab+ for Solar Solutions

December 28, 2023

All On, a prominent Nigerian impact investment company, has inked a strategic $2.25 million credit facility investment deal with Baobab Plus Nigeria. This investment is set to propel the deployment of 1,536 solar energy systems across Nigeria, ranging from 600W to 3KW.

The partnership aims to leverage Baobab+ Nigeria’s existing Pay-as-you-Go Agent Network, spanning 21 locations across the Southwest, North Central, and Northwest regions. All On emphasized that the collaboration will not only illuminate homes and communities but also empower them while safeguarding the environment.

In an official statement, All On’s CEO, Caroline Eboumbou, highlighted the company’s dedication to increasing access to energy products and services for underserved communities in Nigeria. She emphasized the support for innovative companies, such as Baobab+, that are leading the charge in renewable energy access.

“This collaboration with Baobab+ is proof of our commitment to supporting Nigeria’s path to sustainable development and creating a brighter future for all Nigerians,” Eboumbou asserted.

Baobab+ Nigeria’s CEO, Kolawole Osinowo, expressed enthusiasm about the partnership, describing the investment as a unique financing model that allows Baobab+ to expand its reach and empower SMEs and communities nationwide. Osinowo emphasized that by providing affordable solar systems, Baobab+ is not only delivering cost savings and improved living conditions but also contributing to environmental sustainability.

“This perfectly aligns with Baobab+’s mission, and with All On’s invaluable support, we can make a significant impact on the lives of countless people,” Osinowo noted.

The investment will facilitate the expansion of Baobab+’s PayGo Agent Network into new locations, with a focus on rural off-grid and underserved communities. The flexible payment options offered to consumers aim to remove the major price barrier, making solar energy products accessible to those on low incomes by adapting to their spending habits.

Baobab Plus All On Baobab Plus All On

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.

Greenage Tech Secures $500K To Boost Solar Capacity In Nigeria’s South East

July 2, 2022

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.

Ogechukwu Uchechukwu, co-founder and head of business development at Greenage Technologies.

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.

“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.

“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.

“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.

After A Major Pivot, South Africa’s Sava Africa Raises $2M Pre-seed

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

Nigeria’s Koolboks Raises $500K To Provide Innovative Solar Freezers To SMEs

June 23, 2022

All On, a Shell-funded impact investing company, is thrilled to announce a $500,000 investment in Koolboks, an innovative refrigeration solutions company that offers cheap cooling services to small companies and households, with a focus on expanding women’s income and employment prospects.

“Koolboks is particularly thrilled to close this deal that will ensure the scaling up of our business operations. We believe that depending on sustainable energy can help people earn a living and feed their family”, said CEO Ayoola Dominic. “It is a win for small businesses, a win for us, and a win for the planet at large.”

Koolboks solar freezers — *Credits: All On*

Why The Investor Invested

“Koolboks is a fast growing company and their products are currently sold in Nigeria and ten other African markets. This deal supports the company’s Nigeria expansion in the distribution of solar powered cold storage units.” said All On CEO, Dr. Wiebe Boer. “It aligns with All On’s strategic goal to support the deployment of off-grid energy alternatives for productive use.”

All On, an independent impact investing firm seeded by Shell, collaborates with partners to enhance access to commercial energy goods and services for unserved and underserved off-grid energy markets in Nigeria, focusing on the Niger Delta. All On invests in off-grid energy solutions encompassing solar, wind, hydro, biomass, and gas technologies that are deployed by both international and domestic access-to-energy companies in Nigeria to supplement the available grid power and assist close the country’s substantial energy gap.

A Look At What The Startup Does

Koolboks was founded in 2018 as a technology-enabled renewable energy refrigeration firm that offers cost-effective cooling services to business owners in off-grid locations in Nigeria and around the world.

Koolboks use pay-as-you-go solar freezers to provide cold storage for perishables and beverages to productive-use clients like fish dealers and neighbourhood stores in urban, peri-urban, and rural locations with limited grid access and high cooling expenses.

In 2020, Koolboks concluded a commercial pilot project to evaluate consumer response to its main product, the KoolHome solar fridge. This funding would help expedite the deployment of KoolHome units in important regions of the Niger Delta and Southwest Nigeria, including the Federal Capital Territory and surrounding areas.

Koolboks solar freezers Koolboks solar freezers

Nigeria’s Healthtracka Raises $1.5M Seed For Its At-home Lab Testing Platform

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

Nigerian Solar Energy Startup Auxano Secures New Funding From All On

April 5, 2022

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.

“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.

‘‘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.

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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

Nigerian Impact Investing Company All On Invests Its $459 COVID-19 Solar Relief Fund In Four Startups

April 1, 2020

Nigerian off-grid energy impact investing company All On, seeded by Shell, has announced N180 million in assistance to renewable energy companies, Auxano, Arnergy, GVE and Lumos to provide solar power for emergency health centers in support of the response to fighting the COVID-19 pandemic, the company has said.

“At times like these, the mission to accelerate the closing of the energy access gap by providing energy to underserved and unserved communities in Nigeria, is even more critical to ultimately saving lives,” the company said in a statement.

Here Is All You Need To Know

All On said the four companies, all investees of All On, were selected based on their immediate preparedness to respond with products, inventory, technical capabilities and their efficient delivery track record.
All On’s COVID-19 Solar Relief (CSR) Fund will be made available immediately to the selected off-grid energy companies to provide solar power to emergency health facilities around Nigeria, through various private and social sector initiatives.
The investees will tap into initiatives that support the national effort to alleviate the burden on the nation’s fragile health care sector in this time of crisis.

About All On

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.

‘‘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.

Through the COVID-19 Solar Relief (CSR) Fund, All On aims to contribute solar power solutions to aid in the containment and treatment of the virus, the company said.

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.
He could be contacted at udohrapulu@gmail.com