Koolboks secures US$500k investment from All On to expand employment prospects

NIGERIA – All On, a Shell-funded impact investing company, has invested US$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 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 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.”

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.

“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 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.

Recently, All On announced a US$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.

The deal is to fund the construction and expansion of Greenage charge controllers and inverters manufacturing facility in Enugu State.

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