Nigerian startup secures $500,000 grant from All On for construction of inverters manufacturing facility
Oredola Adeola
AllOn Energy has offered a total of $500k investment grant to Greenage Technologies for the construction and expansion of manufacturing facility for charge controllers and inverters in Enugu.
This was disclosed by Wiebe Boer, outgoing Chief Executive Officer (CEO) of All On in a statement obtained by EnergyDay on Thursday.
All On, an independent impact investing company, was seeded with funding from Shell Petroleum Development Company of Nigeria. The Fund invests in off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies deployed by both foreign and local access-to-energy companies that complement available grid power across Nigeria and help bridge its significant energy gap.
According to Wiebe, “In 2017, Chukwuemeka Nwangele (now a Rhodes Scholar at University of Oxford), Uchechukwu Ogechukwu (founding CEO), Aaron Esumeh (current CEO), Kingsley Okereke, and Nnaemeka Udeh founded Greenage Technologies, when they were students of the University of Nigeria, Nsukka.
Boer said, that the company was established to manufacture solar components and as a solar installation company in Enugu State.
He said, “After reaching out to All On in Lagos to understand more about the sector and what support was available, in 2019 Greenage Technologies emerged as a winner of the Off Grid Challenge and received a $50,000 grant from U.S. African Development Foundation (USADF) and $50,000 convertible debt from All On.GreenAge Technology is a Nigerian start-up, driving energy inclusion by manufacturing and distributing made in Nigeria solar energy equipment to drive down acquisition cost of solar energy components.
The company in a statement obtained by EnergyDay via its official website said its strategy remained solving the existing energy problems of homes, industries and businesses and making people regain trust on solar.
It product range includes inverters (2kva to 20kva), charge controllers, power managers and automatic transfer switches.
Since 2019, it has produced, sold and deployed 850,000watts capacity of solar energy equipment manufactured in Nigeria powering homes, businesses, hospitals, academic institutions, and organizations in major parts of Nigeria.
