All On, a Shell-backed investment company has just invested $1.5 million (over 571 million Nigerian Naira) in Auxano Solar, a Nigerian provider of renewable energy solutions. The funds will enable the Nigeria-based company to expand its services.
Nigerian renewable energy solutions provider Auxano Solar has secured funding to expand its business. The $1.5 million (more than 571 million Nigerian Naira) is being invested by All On, a Shell-backed investment company investing in off-grid providers in Nigeria.
The financing 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 a context of increasing electricity shortages. To accelerate the distribution of its kits, the company has set up a solar equipment assembly plant 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,” said Afolabi Akinrogunde, All On’s program and investment manager. In addition, the company will be able to offer after-sales installation, management and maintenance services for renewable energy solutions to its customers.
In addition to financing, All On will provide Auxano Solar with development support, including functional and innovation support through its All On Hub. This is a structure set up to build a network of off-grid sustainable energy companies in Nigeria.
This investment by All On is not the first to be granted to the Nigerian company. In February 2019, Auxano Solar started small businesses selected for funding from All On and the United States Foundation for African Development (USADF). The winners of the Nigeria Off-Grid Energy Challenge (2018), (including Auxano Solar) received $50,000 in debt (All On) per company and $50,000 in grants from USADF.