NIGERIA – NXT Grid BV, a solar mini-grid rental company, with a focus on online automation and standardisation to empower local mini-grid developers in Sub-Saharan Africa, has secured US$1.4 million investment to expand its operations.
NXT Grid said the new money will help it expand in Nigeria, where 30 grids are expected to be built by 2023.
“We are excited about the growth path that the investment enables and about the strategic value and experience our investors bring to the table,” said Fabio De Pascale, CEO and co-Founder of NXT Grid.
“All On has already been a great partner for our Nigerian operations since their initial investment in 2020, while Katapult has provided us with access to key resources to be fully ready for our growth in the coming years,” said Fabio De Pascale.
“Solidifying our relationship with such strategic investors is another step on our path to achieve solar mini-grids everywhere, by anyone.”
Founded in 2019, installing and operating a solar mini-grid is simple and economical thanks to NXT Grid’s revolutionary integrated platform. To enable corporate clients to run their own town-sized utilities, the startup combines AI-based software with rental solar equipment.
“We are thrilled about our follow on investment in NXT Grid, which comes after the company proved its model in the Niger Delta region with its first grids in 2021,” Goziem Okubor, Senior Investment Associate of Nigerian off grid energy investor All On said.
“NXT Grid’s model has the potential to disrupt the clean mini-grids industry in Nigeria and the rest of Sub-Saharan Africa, thanks to the unique ability to empower and enable local companies and local investors to sustainably build and operate solar mini-grids with no prior experience.”
Nina Heir, CEO Katapult Climate and Partner at Katapult, a Norwegian climate-focused fund and accelerator, said:
“For the first Katapult cohort focusing solely on climate tech, we evaluated more than 1,000 impressive companies from across the globe. NXT Grid’s offering of providing easily deployable solar mini-grids not only aligns with our investment criteria but speaks to the core of our vision of building a thriving world for all.”
According to the business, mini-grids are a financially and environmentally viable alternative to generators because the upfront expenditures are lowered by 80%.