Nine Nigerian energy startups will access US$100,000 easy in blended financing after being named finalists of the 2020 Nigeria Off-Grid Energy Challenge.
The challenge is run each year by US African Development Foundation (USADF) and All On as part of a multi-year partnership that identifies and helps scale innovative off-grid solutions to “power up” unserved and underserved areas in Nigeria.
The winners of the third edition of the Challenge are Allbase Global Technology, Ashdam Solar Company, Covenant Plus Engineering, Green Acres Microfinance Bank, Reeddi Technologies, Salpha Energy, Solarworld Alternative Energy Resources, Sunhive Limited and Vesselnet Integrated Services Limited.
All nine enterprises will be awarded US$25,000 in grant capital from USADF, US$25,000 in grant capital from All On via its support from the Rockefeller Foundation through the All On Hub, and US$50,000 in convertible debt from All On, which is seeded by Shell.
In addition to funding, the winners will receive technical assistance from USADF and governance support from All On.
“Congratulations to all the finalists on joining an innovative group of local enterprises that have come through this challenge and are now making impactful contributions in the Nigerian renewable energy sector,” said C.D. Glin, president and chief executive officer (CEO) of USADF.
Kunle Odebunmi, CEO of AllBase Energy, said he was “honoured” to have made it to the finals.
“The investment is a testament to our efforts in the energy transition by unlocking access to productivity, connectivity and resources that catalyse development and serves as yet another positive indication as the company positioned for the future. The grant will afford us to provide high quality, low-cost and carbon-free distributed solar energy systems to underserved households and MSMEs in Lagos State, thereby giving users the comfort and power to do more,” he said.