All On, an influence funding firm dedicated to growing vitality entry for Nigeria’s underserved and off-grid communities, has introduced a follow-on funding of $250,000 in ICE Photo voltaic Business Energy Restricted, a fast-growing supplier of Vitality-as-a-Service options for Small and Medium Enterprises (SMEs) throughout Nigeria.
This second spherical of funding builds on All On’s preliminary funding in 2021 and displays the corporate’s continued confidence in ICE Photo voltaic’s scalable enterprise mannequin and impact-driven method. The brand new capital might be used to develop ICE Photo voltaic’s deployment of clever photo voltaic and battery methods, enabling 1000’s of SMEs to transition from expensive, polluting petrol turbines to scrub, and dependable vitality alternate options.
In line with a 2021 SMEDAN MSME survey, Nigeria’s SME sector represents 96.9 per cent of all companies, contributes 87.9 per cent of employment, and accounts for 46.3 per cent of GDP, but many nonetheless face challenges with unreliable energy provide, which hampers productiveness and will increase operational prices.
ICE Photo voltaic’s Vitality-as-a-Service mannequin provides a sustainable answer by offering inexpensive, pay-as-you-go photo voltaic vitality tailor-made to the wants of small companies. The corporate’s technology-driven method ensures environment friendly vitality administration, distant monitoring, and versatile fee choices, making clear vitality extra accessible to entrepreneurs throughout the nation.
Talking on the signing ceremony, CEO of All On, Caroline Eboumbou, stated, “This follow-on funding in ICE Photo voltaic displays our dedication to supporting indigenous firms which are delivering scalable clear vitality options to underserved markets.
“We imagine that SMEs are the spine of Nigeria’s financial system, and entry to dependable vitality is essential to their development and resilience. ICE Photo voltaic’s modern mannequin contributes meaningfully to job creation, financial inclusion, and the broader vitality transition, ” Eboumbou said.
Founder and CEO of ICE Photo voltaic, Emmanuel Ekwueme, added, “We’re thrilled to welcome All On’s continued partnership and funding in ICE Photo voltaic. This assist reinforces our shared imaginative and prescient to speed up entry to scrub, dependable vitality throughout Nigeria.
“With this new capital, we’re scaling our clever photo voltaic and battery options to assist over 2,000 SMEs minimize vitality prices, displace 1000’s of petrol turbines, and transition towards a low-carbon future. This partnership marks an necessary milestone not only for ICE Photo voltaic’s development, however for the broader renewable vitality ecosystem driving Nigeria’s financial transformation.”
