BY ROSEMARY IWUALA
Shell-funded impact investment firm All On has invested $500,000 in Greenage Technologies Power System Limited to fund the construction and expansion of its charge controller and inverter manufacturing plant in the state from Enugu, south-eastern Nigeria.
The investment, which is a mix of equity and convertible debt, will help Greenage Technologies achieve its goal of becoming Africa’s largest solar electronics manufacturer by doubling its existing manufacturing capacity for inverters, charge controllers and the ability to assemble lithium-ion batteries,” said Ogechukwu Uchechukwu, co-founder and business development manager, Greenage Technologies.
“We are delighted to receive this support from All On which will reduce the cost of solar power 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 plant and fund its working capital requirements, enabling it to meet the growing demand for locally manufactured solar system components.
Wiebe Boer, CEO of All On, said the company was proud to complete another transaction to improve the localization of the solar supply chain, adding that with this investment, All On was reducing the proportion of solar components imported into the country. Nigeria.
“This investment is central to our commitment to invest in Nigerian youth-led businesses like Greenage to accelerate the growth of the sector and help close the energy access gap,” Boer said.
Greenage was the winner of the United States African Development Foundation (USADF)/All On Off-Grid Energy Challenge in 2018, receiving $100,000 to fund the installation of solar systems in more than 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 Nigeria’s renewable energy value chain as a manufacturer of power components. solar power systems,” he said.