Grace Ashiru
Greenage Technologies Power Systems Limited, an energy startup based in Enugu, Nigeria, has received funding of $500,000 from the impact investment company All On, which Shell funds. The startup will use this investment to finance the expansion and construction of it’s manufacturing facility in Enugu State, located in South-East Nigeria.
Ogechukwu Uchechukwu, Head of Business Development and Co-founder of Greenage Technologies, expressed his excitement at receiving support from All On. “We are delighted to receive this support, which will lower the cost of solar energy parts through domestic manufacturing,” said Uchechukwu.
The investment will aid Greenage in reaching its goal of becoming Africa’s biggest maker of solar electronics by doubling the number of charge controllers, inverters. And probably assembling lithium-ion batteries.
This investment, a blend of convertible debt and equity, will allow Greenage to grow its manufacturing business by buying and building a new factory and paying for its working capital needs. This will help Greenage meet the growing demand for locally-made solar system parts.
Dr Wiebe Boer, the Chief Executive Officer of All On, said, “We are happy to have closed another deal that makes the solar supply chain more local.” “By making this investment, All On is reducing the number of solar parts brought into Nigeria. This investment is at the heart of our plan to put money into Nigerian companies run by young people, like Greenage, to speed up the sector’s growth and help close the power sector gap.
In 2018, Greenage won the USADF/All On Off-Grid Energy Challenge and got $100,000 to put solar energy systems in more than 40 homes and businesses.
This extra funding shows that All On is becoming more confident in the company’s plan to make solar energy system parts and play an increasingly important role in Nigeria’s renewable energy value chain.
