All On, Greenage Technologies seal $500,000 investment deal to expand solar capacity
SHELLFUNDED IMPACT INVEST MENT COMPA NY, All On, has invested $500,000 in Greenage Technologies Power System Limited to fund the construction and expansion of its charge controllers and inverters manufacturing facility in Enugu State, South-East Nigeria.
The investment, which is a mix of equity and convertible debt, will help Greenage Technologies in the realization of its aim of becoming Africa’s largest solar electronics manufacturer by doubling its existing manufacturing capacity for inverters, charge controllers, and the possibility of assembling lithium-ion batteries, said Ogechukwu Uchechukwu, co-founder and head of business development, Greenage Technologies.
“We are delighted to receive this support from All On that will reduce the cost of solar energy components through local manufacturing,” he said.
All On said the investment will enable Greenage Technologies 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 system components.
Wiebe Boer, CEO, All On, said the company was proud to close another transaction to enhance the localisation of the solar supply chain, adding that through this investment, All On was 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,” Boer said.
Greenage was a United States African Development Foundation (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, he said.
“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,” he said.