All On, a Shell-funded impact investment company for off-grid energy markets in Nigeria, is pleased to announce an investment in Danish technology company Solstroem.
All On, a Shell-funded impact investment company focused on strengthening off-grid energy markets in Nigeria, is pleased to announce an investment in Danish technology company Solstroem. In doing so, All On matches a previous investment made by Persistent Energy Capital LLC in the company in November 2021.
“We are really excited about this partnership which supports the development of Solstroem’s platform that will enable carbon microcrediting in everyday business,” said All On CEO Wiebe Boer. “All On is taking a chance on an innovative business model that could prove transformative and create hard currency revenue-generating opportunities for Nigerian renewable energy companies.
Investment in Solstroem supports the development and scale of the company’s software platform, which enables solar home system distributors and other off-grid solar operators across sub-Saharan Africa to issue and sell carbon credits on the international voluntary carbon market. This investment is an opportunity for All On to strengthen access to climate finance for their existing portfolio companies, as well as other established and emerging players in the off-grid solar space in Nigeria and beyond.
“We are very grateful for All On’s support in our mission to make carbon markets more accessible to off-grid solar operators,” said Karim Jabbar, CEO and co-founder of Solstroem. “The hard work of these actors to enable marginalized communities to access renewable energy has a considerable impact in terms of reducing CO2 emissions, as well as measurable social co-benefits. We therefore look forward to working with All On to make this solution available to companies in their network and enable an increased flow of climate finance to where it is really needed.
This investment will support Solstroem’s goal of increasing revenue streams for solar developers around the world by linking their projects to voluntary carbon markets in a transparent, verifiable and sustainable manner, enabling the purchase of carbon credits associated with their projects.
Carbon credits issued on the Solstroem platform are fully traceable, calculated based on an established United Nations Clean Development Mechanism (CDM) methodology and are third party verified by DNV. The credits issued are made available on the platform to corporate buyers wishing to offset their CO2 footprint.
About All About
All On, an independent impact investing company, was established with funding from Shell and works with partners to increase access to commercial energy products and services for unserved and underserved off-grid energy markets in Nigeria, with particular emphasis on the Niger Delta. All On invests in off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies deployed by foreign and local energy access companies that complement the grid power available across Nigeria and help fill its significant energy deficit.
To learn more, please visit www.all-on.com
Contact: Adaobi Oniwinde +234706 201 6321 or email [email protected]
Solstroem has been in business since 2018 and has so far established working partnerships with some of the leading solar distributors and software companies in the industry, such as Engie Energy Access, Sun King and Angaza. Solstroem’s quantitative approach to carbon credit generation reduces verification costs, and therefore barriers to entry into the carbon market, from which small solar operators are currently excluded. This is done through IT integrations between Solstroem and its solar partners, which enable the continuous issuance of data-driven carbon credits on a daily or weekly basis. Additionally, Solstroem’s no-upfront business model makes the company’s solution particularly attractive to small and medium-sized solar home system distributors, as they typically struggle to secure the financing needed to expand their business. activity and cannot afford to pay. initial costs for carbon verification systems.
To learn more, please visit solstrom.com