Shell-seeded renewable energy investor, All On, has invested $500,000 in Green Technologies Power System Limited to fund the construction and expansion of its charge controllers and inverters manufacturing facility in Enugu State.
“We are delighted to receive this support from All On that will reduce the cost of solar energy components through local manufacturing,” said Ogechukwu Uchechukwu, Co-founder and Head of Business Development, Greenage Technologies.
“This investment will help Greenage realise its aim of becoming Africa’s largest solar electronics manufacturer by doubling its existing manufacturing capacity for inverters, charge controllers, and the possibility to assemble lithium-ion batteries,” he said.
According to All On, the investment which is a mix of equity and convertible debt, will enable Greenage Technologies to expand its manufacturing business through the acquisition and development of a new factory.
It will also be used to fund its working capital needs – enabling it to meet the increasing demand for locally manufactured solar systems components.
Wiebe Boer, CEO, All on said the company was proud to close another transaction to enhance the localisation of the solar supply chain.
“Through this investment, All On is lowering the proportion of solar components imported into Nigeria. This investment is at the core of our commitment to investing in youth-driven Nigerian companies like Greenage to accelerate the sector’s growth and contribute to closing the energy access gap,” he noted.
Greenage was a United States African Development Foundation (USADF)/All On Off-Grid Energy Challenge winner in 2018, receiving $100,000 to fund the installation of solar systems in over 40 households and businesses.
All On says the additional funding is an indication of its growing confidence in the company’s vision to play an increasingly important role within the Nigerian renewable energy value chain as a manufacturer of solar energy system components.