Shell-funded impact investment company, All On, has announced a $500,000 investment in Greenage Technologies Power Systems Limited to fund the construction and expansion of its charge controller and inverter manufacturing facility in Enugu State in South-Eastern Nigeria.
“We’re delighted to receive this support from All On that will reduce the cost of solar energy components through local manufacturing,” said Mrs Ogechukwu Uchechukwu, co-founder and Head of Business Development, Greenage Technologies.
“This investment will help Greenage realize its aim of becoming Africa’s largest solar electronics manufacturer by doubling its existing manufacturing capacity for inverters, charge controllers, and the possibility to assemble lithium-ion batteries.”
The investment, which is a mix of equity and convertible debt, will enable Greenage to expand its manufacturing business through the acquisition and development of a new factory.
It will also fund its working capital needs – enabling it to meet the increasing demand for locally manufactured solar systems components.
“We are proud to close another transaction to enhance the localization of the solar supply chain,” said All On CEO, Mr Wiebe Boer.
“Through this investment, All On is lowering the proportion 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.”
Greenage was a USADF/All On Off-Grid Energy Challenge winner in 2018, receiving $100,000 to fund the installation of solar systems in over 40 households and businesses.
This additional funding, the company says is an indication of All On’s growing confidence in its vision to play an increasingly important role within the Nigerian renewable energy value chain as a manufacturer of solar energy system components.