By Sunday Elom
Solar mini-grids developer, NXT Grid, has said that it has raised $1.4million from its partnership with All On and Katapult Climate.
NXT Grid helps local companies and individuals to construct and operate solar mini-grids with a low initial investment without the need to handle complex operations.
All On Company was established by Shell in 2016 as an independent Nigerian company limited by guarantee, and endowed with initial funding from Shell. The company works with partners to increase access to commercial energy products and services for under-served and un-served off-grid communities, with a special focus on the Niger Delta.
The chief executive officer (CEO) and co-founder of NXT Grid, Fabio De Pascale, who made this known, said that the company is excited for the growth, strategic value and experience the investors brought to the table.
According to De Pascale, “All On has already been a great partner for our Nigerian operations since their initial investment in 2020, while Katapult has provided us with access to key resources to be fully ready for our growth in the coming years.
Solidifying our relationship with such strategic investors is another step on our path to achieve solar mini-grids everywhere, by anyone.”
He explained that NXT Grid combines AI-based (Artificial Intelligence) software with rented solar equipment, to help business customers run their own town-sized utility at reduced upfront costs of 80% and make mini-grids a financially and environmentally sustainable alternative to generators.
The initial investment by All On in 2020 made it possible for NXT Grid to deploy its first mini-grids in Nigeria. Meanwhile, the latest investment by the two investors (All On and Katapult Climate) will enable the company to expand its scope and growth in the country, as it plans to construct 30 grids by 2023.
According to All On Senior Investment Associate in Nigeria, Goziem Okubor, the company is thrilled about its follow on investment in NXT Grid, which comes after the company proved its model in the Niger Delta region with its first grids in 2021.
He explained further that NXT Grid’s model has the potential to disrupt the clean mini-grids industry in Nigeria and the rest of Sub-Saharan Africa, thanks to the unique ability to empower and enable local companies and local investors to sustainably build and operate solar mini-grids with no prior experience.
The chief executive officer of a leading Norwegian climate-focused fund and accelerator, Katapult Climate and Partner at Katapult, Nina Heir, said that “For the first Katapult cohort focusing solely on climate tech, we evaluated more than 1,000 impressive companies from across the globe.
“NXT Grid’s offering of providing easily deployable solar mini-grids not only aligns with our investment criteria but speaks to the core of our vision of building a thriving world for all,” Nina Heir said.
She said the company plans to connect over 2,500,000 people and deploy more than 250 MW of solar mini-grids across Sub-Saharan Africa in the next ten years.
Its investment partnership in off-grid energy solutions covers solar, wind, hydro, biomass and gas technologies deployed by both foreign and local access-to-energy companies.
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