Nigeria: Shell-backed fund invests in cooling services company
Shell-funded impact investment company All On announced a $500,000 investment in Koolboks, a refrigeration solutions company that provides affordable cooling services to small businesses and households.
“Koolboks is particularly thrilled to close this deal that will ensure the scaling up of our business operations. We believe that depending on sustainable energy can help people earn a living and feed their family,” said CEO Ayoola Dominic. “It is a win for small businesses, a win for us, and a win for the planet at large.”
Koolboks uses pay-as-you-go solar freezers to provide cold storage for perishables and beverages to productive-use customers such as fish sellers and neighbourhood stores in urban, peri-urban, and rural areas where grid access is limited, and cooling costs are high.
“Koolboks is a fast growing company and their products are currently sold in Nigeria and 10 other African markets. This deal supports the company’s Nigeria expansion in the distribution of solar powered cold storage units,” said All On CEO, Dr. Wiebe Boer. “It aligns with All On’s strategic goal to support the deployment of off-grid energy alternatives for productive use.”