Greenage Technologies Power Systems Limited has signed an investment deal worth $500,000 (N302,500,000) with a Shell-funded impact investment company, All On.
The deal is to fund the construction and expansion of Greenage charge controllers and inverters manufacturing facility in Enugu State.
The Co-founder and Head of Business Development of Greenage Technologies, Ogechukwu Uchechukwu who announced this in a press release on Thursday said that the deal will help Greenage emerge as the largest solar electronics manufacturer in Africa.
“We’re 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 realize 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.”
“The investment which is a mix of equity and convertible debt will enable Greenage to expand its manufacturing business through the acquisition and development of a new factory and fund its working capital needs – enabling it to meet the increasing demand for locally manufactured solar systems components.
On his part, the Chief Executive Officer of All On, Wiebe Boer said that “We are proud to close another transaction to enhance the localization 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.”
Greenage was a 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.
This additional funding is an indication of All On’s 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.
Greenage Technologies is an Enugu-based Nigerian start-up driving energy inclusion by manufacturing and distributing made-in-Nigeria solar energy equipment to drive down the acquisition cost of solar energy components.
Greenage’s current product range includes Inverters (2kva to 20kva), charge controllers, power managers and automatic transfer switches.
Since 2019, Greenage 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.
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