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 controllers and inverters manufacturing facility in Enugu State in South-Eastern Nigeria.
Ogechukwu Uchechukwu, Co-founder and Head of Business Development, Greenage Technologies, says the support will help the company reduce the cost of solar energy components through local manufacturing. “This investment will help Greenage realize its aim of becoming Africa’s largest solar electronics manufacturers by doubling its existing manufacturing capacity for inverters, charge controllers, and the possibility to assemble lithium-ion batteries,” he explains.
The funding is a mix of equity and convertible debt that should enable Greenage to expand its manufacturing business through the acquisition and development of a new factory and 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,” notes Wiebe Boer, CEO of All On. “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.
All On concludes in the statement: “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”.