NIGERIA – All On, a Nigerian Shell-backed off-grid energy impact investing company has announced an additional US$500,000 investment in renewable energy company Auxano Solar.
Founded in 2014, Auxano delivers high-performance residential and commercial solar system solutions. Its high-performance solar panels are produced from high-efficiency solar cells thus, they generate more power than conventional solar panels.
Headquartered in Lagos, Auxano Solar is continually re-inventing new and better ways to provide more efficient and affordable Solar & Inverter systems.
In 2017, the United States African Development Foundation (USADF) and All On financed US$100,000 in Auxano Solar to automate their solar panel assembly business in Lagos.
All On then invested another US$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 US$500,000 working capital investment, which we just closed,” said Wiebe Boer, CEO of All On.
“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.”
To accelerate the distribution of its kits, Auxano has also set up a solar equipment assembly plant in Nigeria and has plans to start offering after-sales installation, management, and maintenance services for renewable energy solutions to its customers.
According to Wiebe, All On will continue to support Auxano’s growth to become the first Nigerian solar unicorn.
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.
Besides manufacturing solar PV modules, All On is also involved in the design, installation, and sales of solar power systems and components such as inverters, batteries, chargers, and controllers.
The company works with strategic partners on advocacy and policy issues to fast-track the creation of an enabling environment for the renewable energy sector.
In addition, it promotes innovation and identification of promising business and deployment models and helps partners and entrepreneurs to obtain and share information effectively.
The company also commissions industry-relevant research, contributes to capacity development, and other activities required to accelerate the scaling of the off-grid energy sector in Nigeria.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE