Startup and Funding

Nigerian alternative power company, Mobile Power Limited, raises £1 million from All On to scale its services

2 Mins read

All On, a Shell-funded independent impact investing firm, has announced that it has invested £1 million in Mobile Power Limited, to increase the growth of its Pay-per-use battery sharing platform in Nigeria. Mobile Power provides clean and affordable energy to the off-grid market across sub-Saharan Africa through its innovative and affordable solutions such as MOPO, an energy distribution platform. All On, through the All On Hub, has been providing non-financial support to Mobile Power to support its Nigeria market entry since 2021.

Solar-powered MOPO Hubs operate across sub-Saharan Africa, providing energy via pay-per-swap MOPO Batteries for homes, businesses, and electric transport. The investment will enable Mobile Power to increase the growth of its pay-per-use battery-sharing platform in Nigeria. This is in line with All On’s mission to invest in off-grid energy solutions spanning solar, wind, hydro, biomass, and gas technologies deployed by both foreign and local access-to-energy companies that complement available grid power across Nigeria and help bridge its significant energy gap. The impact investing company got its seed funding from Shell and has a special focus on the Niger Delta region.

Through the MOPO platform, customers can rent 50Wh-1000Wh lithium-ion batteries for 24-hour periods. Mobile Power’s current hubs in Nigeria are in Ekiti state and Ondo state where it has deployed over 40 hubs. According to the company, it has powered 20,000 households and 1,000,000 rentals since it commenced operations in 2021. All On’s investment will help execute Mobile Power’s plans to increase its current deployment numbers across Nigeria.

In a statement shared with TechCabal, All On’s Acting CEO and Investment Manager, Afolabi Akinrogunde, 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.”

Image Source: All On

Established in 2013, Mobile Power began operations in Sierra Leone and entered the Nigerian market in 2021. 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.

In a statement shared with TechCabal, Chris Longbottom, the CEO of Mobile Power Limited, 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.”

 

 

Source: TechCabal.com

Related posts
BusinessStartup and Funding

Ignite Your Business: Apply Now for the Mastercard Foundation Africa Growth Fund for SMEs (USD$200 Million Fund)

1 Mins read
Ignite Your Business: Apply Now for the Mastercard Foundation Africa Growth Fund for SMEs (USD$200 Million Fund) The Mastercard Foundation Africa Growth…
HeadlineStartup and Funding

Former Flutterwave VP Launches Mira, a Game-Changing Way to Eat and Pay at Restaurants

1 Mins read
Former Flutterwave VP Launches Mira, a Game-Changing Way to Eat and Pay at Restaurants Ordering and paying for meals can often feel…
HeadlineStartup and Funding

A Look at How Startups Successfully Raised Funding in 2023

5 Mins read
A Look at How Startups Successfully Raised Funding in 2023 After defying the global funding slowdown of 2022, VC investments in African startups…

Leave a Reply

Your email address will not be published. Required fields are marked *