Shell backed investment company AllOn invests US$1.5 m in Nigerian solar company

NIGERIA – All On, a Shell-backed investment company has invested $1.5 million in Auxano Solar, a rapidly growing renewable energy company with emphasis on solar power.

Besides manufacturing of solar PV modules, AllOn is also involved in the design, installation and sales of solar power systems and components such as inverters, batteries, charge and controllers.

The financing from AllOn will enable Auxano Solar to expand its services in Nigeria, including the sale and distribution of renewable energy components such as hybrid inverters and charge controllers.

In addition to financing, All On will provide Auxano Solar with development support, including functional and innovation support through its All On Hub,  a structure set up to build a network of off-grid sustainable energy companies in Nigeria.

“The new financing is expected to enable Auxano Solar to increase the production capacity of its solar panel assembly plant by more than 50 per cent over the next five years.”

Afolabi Akinrogunde – All On’s program and investment manager.

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.

This is the third time All On is investing in the Nigerian company.

In February last year, Auxano Solar started small businesses selected for funding from All On and the United States Foundation for African Development (USADF).

In 2018, Auxano also got $50,000 from AllOn and another US$50,000 from USADF after emerging as one of the winners of the Nigeria Off-Grid Challenge.

AllOn has also gone on to partner with Auxano Solar on numerous off-grid energy projects most recently the deployment of solar power to emergency health care and response centres in Nigeria.

Health institutions that benefitted from the solar projects include the COVID-19 isolation ward and the National Orthopaedic Hospital, Igbobi.

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