Each of these Nigerian Energy Startups are set to Receive $100,000 Credit Facilities

Nine Nigerian energy startups that emerged as finalists at the the 2020 Nigeria Off-Grid Energy Challenge are set to each receive funding to the tune of $100, 000. The credit facilities will will come in the forms of grants and convertible debt.

According to a press statement that was seen by Business Elites Africa, the nine energy startups are: Green Acres Microfinance Bank, Allbase Global Technology, Salpha Energy, Solarworld Alternative Energy Resources, Ashdam Solar Company, Reeddi Technologies, Vesselnet Integrated Services Limited, Covenant Plus Engineering, and Sunhive Limited.

Note that the third edition of Nigeria Off-Grid Energy Challenge was organised by the US African Development Foundation (USADF) and All On. Their collaboration is said to be part of a multi-year partnership aimed at identifying and helping to scale off-grid energy startups in order to provide electricity to unserved and underserved parts of Nigeria.

Meanwhile, the statement quoted the Chief Executive Officer of the US African Development Foundation, C.D Glin, to have said: “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.”

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Also commenting on the development was the Chief Executive Officer of AllBase Energy, Kunle Odebunmi, who said he was honoured to have been selected as a finalist during the competition. He also highlighted how the funding is expected to help facilitate the startup’s business.

“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,” Odebunmi said.

The grants and convertible loans will be given in the following specific order: $25,000 worth of grant capital from USADF, $25,000 worth of grant capital from All On Hub through support from the Rockefeller Foundation, and $50,000 in convertible debt from All On, to be seeded by Shell Petroleum.