By Jude Chinedu, Enugu
Greenage Technologies Power Systems Limited has signed an investment agreement worth $500,000 (N302,500,000) with a Shell-funded impact investing company, All On.
The agreement aims to finance the construction and expansion of the Greenage charge controller and inverter manufacturing plant in Enugu State.
Greenage Technologies co-founder and business development manager, Ogechukwu Uchechukwu, who announced it in a press release on Thursday, said the deal will help Greenage become the largest solar electronics manufacturer in Africa.
“We are thrilled to receive this support from All On which will lower the cost of solar power components through local manufacturing,” said Ogechukwu Uchechukwu, Co-Founder and Head of Business Development at Greenage Technologies.
“This investment will help Greenage 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.
“The investment, which is a mix of equity and convertible debt, will enable Greenage 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.
For his part, All On Managing Director Wiebe Boer said, “We are proud to complete another transaction to improve the localization of the solar supply chain.
“Through this investment, All On is reducing the proportion of solar components imported into Nigeria. This investment is at the heart of 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.
Greenage was the winner of the USADF/All On Off-Grid Energy Challenge in 2018, receiving $100,000 to fund the installation of solar systems in more than 40 homes and businesses.
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 systems component manufacturer. of solar energy.
Greenage Technologies is a Nigerian start-up based in Enugu that promotes energy inclusion by manufacturing and distributing made-in-Nigeria solar power equipment to reduce the cost of acquiring solar power components.
Greenage’s current product line includes inverters (2kva to 20kva), charge controllers, power managers and automatic transfer switches.
Since 2019, Greenage has produced, sold and deployed a capacity of 850,000 watts of Made in Nigeria solar energy equipment powering homes, businesses, hospitals, academic institutions and organizations in most parts of Nigeria.