Ten off-grid energy start-ups have been selected to benefit from the funding interventions and technical assistance jointly provided by All On, an independent impact investment company, and the United States African Development Foundation (USADF).
The ten companies participated in the 2018 Nigerian Off-Grid Energy Challenge sponsored by All On and the USADF, and emerged winners in various categories. The Off-Grid Energy challenge is a joint effort by the USADF and All On to develop, scale up or extend the use of renewable off-grid energy technologies to reach communities not served by existing power grids.
Through the challenge, USADF provided $50, 000 in seed capital while All On provided up to $50, 000 in convertible debt to selected energy companies enterprises who are 100 per cent Nigerian companies. In addition to funding, the winners will also receive technical assistance from USADF and the governance support from All On.
The 10 companies selected from three categories include Havenhill, Prado, Solmenz, A4&T, Darway Coast, all in the mini-grid category. Those selected from the enabling business category include Auxano, Eastwind and Alyx; while companies that emerged from the solar home system category are Creeds and iKabin.
Source: THIS DAY