Nigerian impact firm All On invests in solar company
NXT Grid BV, a solar mini-grid rental company, with a focus on online automation and standardisation to empower local mini-grid developers in sub-Saharan Africa, has secured an investment from All On, a Nigerian impact investing firm seeded by Shell.
“We are extremely excited about partnering with All On. Their knowledge of the Nigerian market and their deep involvement in the mini-grids sector is a perfect match for the NXT Grid platform. The All On investment is a strong statement of value recognition by the most prominent mini-grids investor in Nigeria. Thanks to the investment, we will be able to further grow our capacity for renting mini-grid assets to local developers, and accelerate the growth of the mini-grids sector in Nigeria,” said Fabio De Pascale, CEO, NXT Grid.
“To close the massive energy access gap in Nigeria, we need continuous innovation. NXT Grid’s low-cost mini-grid model offers a new way to scale mini-grids rapidly with multiple partners,” said All On investment manager, Afolabi Akinrogunde. “We are excited about this investment and confident that leveraging their technology tools and access to finance we will be able to provide the market another alternative to lighting up thousands of households and small businesses across the country.”
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