Nigerian Firms Attract $17m in UK-funded Clean Energy Investments
These investments are expected to provide energy for more Nigerians, reduce carbon emissions, lead to the creation of 1100 jobs, and support thousands of livelihoods.
Under the arrangement, BURN Manufacturing, which is at the forefront of clean cookstove innovation, secured $12 million in carbon investment from Key Carbon Ltd. Their new local assembly facility in Northern Nigeria will bolster distribution efforts of electric cookstoves and biomass stoves across East and Central Africa.
Also, Arnergy a leading renewable energy company in Nigeria that specializes in designing and manufacturing technology-enabled solar micro-grid and rooftop solutions got $3 million bridge financing from a Shell-backed impact investment company, the company has already raised $7.5 million in their Series B fundraising.
In addition to this, Koolboks is revolutionizing access to refrigeration services, particularly for underserved communities and women entrepreneurs through their solar-powered cooling systems.
Their pay-as-you-go technology and accessible business model has attracted a 5-million-euro subsidy from Beyond the Grid Fund for Africa (BGFA), for launch and expansion in Uganda.
The British deputy high commissioner in Lagos, Jonny Baxter, speaking on the development, said: “The UK Government supports the ambition of the Federal Government’s Renewed Hope agenda: to boost private-sector led economic growth in Nigeria. We’re funding the Manufacturing Africa programme to provide free advisory services to companies raising finance to expand their capabilities and create new jobs in Nigeria. It’s great to see these companies realise their goals with UK support.”
Business Communications Manager at Koolboks, Lolade Alonge, stated that,
“Manufacturing Africa’s financial advisory support when raising our ‘Series A’ came in very handy and has helped us secure funds that will assist with our expansion plans.”
The advisory services that #ManufacturingAfrica provided to these firms included; financial analysis, modeling, commercial diligence analysis and strategic business planning.
To date, Manufacturing Africa has supported 31 Nigerian companies in their journey to raise investment, in sectors including agri-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy.
The programme has helped to attract $85 million into Nigeria’s manufacturing sector since 2020.
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