All On has sealed a £1 million investment deal with Mobile Power Limited, to increase the growth of its Pay-per-use battery sharing platform for Nigeria’s under-served and unserved markets.
The Shell-funded impact investment company made this known in a statement obtained by EnergyDay.
According to All On, the investment deal will facilitate Mobile Power’s energy distribution platform “MOPO”, which has over time been serving challenging markets, creating local employment, and providing financial and social returns.
All On revealed that the MOPO platform offers customers a community-based, agent-led Battery-As-A-Service product that enables them to rent 50Wh-1000Wh lithium-ion batteries for 24-hour periods.
Afolabi Akinrogunde, All On Acting CEO and Investment Manager, said, “This deal fully aligns with All On’s mission to support the deployment of innovative and user-friendly renewable energy solutions, particularly for Nigeria’s under-served and unserved markets.”
. “We look forward to continuing to work with the MOPO team to scale this model and provide commercially sustainable decentralized renewable power solutions to Nigerians.”
Chris Longbottom, Chief Executive Officer, Mobile Power Limited in his remark about the deal, said, “Nigeria is now our fastest growing market, and we are very excited for our partnership with All On which will accelerate growth in household energy and replacing urban generators.
He further noted that Mobile Power’s business strategy is based on aggregating last-mile demand and optimising battery rentals in the communities where its MOPO agents are active.
“The business achieves this by embedding incentives into the product’s technology and pricing to influence agent and customer behaviour.”
EnergyDay gathered that the MOPO offering removes the product acquisition challenge from the equation for potentially millions of unserved homes and micro businesses in Nigeria, empowering them to secure the energy they need when they need it and for how long they need it.
Mobile Power’s current hubs in Nigeria are in Ekiti State and Ondo State, South-western Nigeria, where it has deployed over 40 hubs, with 20,000 households and 1,000,000 rentals since it commenced operations in mid-2021 – one of the fastest energy access project deployment rates in the Nigerian off-grid energy space.
Mobile Power expects to roll out multiples of its current deployment numbers across Nigeria over the next year. The All On Investment will help power its ambitious pan-Nigerian deployment and expansion drive.
Mobile Power began in Sierra Leone. It also operates in Liberia and entered the Nigerian market in 2021. In 2022 it is starting operations in DRC. It has strategic relationships deploying its products and services in other African markets like Uganda, Zambia, and The Gambia.