Nigeria’s quest to achieve regular power supply has received a boost with a 1m pounds investment on mobile power by All-On, a leading impact investment company focused on scaling up renewable energy sector in the country. This brings All-On’s total investment in MOPO to £2 million.
The new investment will support the expansion of MOPO’s product line with the rollout of the MOPOMax, a generator replacement battery designed for both household and productive use applications. The MOPOMax boasts a 1,000Wh capacity, 20 times more energy than MOPO’s smallerMOPO50 battery, a 50Wh smart battery, providing household energy for lighting, phone charging and Direct Current (DC) appliances. MOPOMax will cater to a wider range of users, including households, small businesses and agripreneurs. This expansion will further address the energy access gap in Nigeria, empowering communities with reliable and affordable power to unlock economic opportunities.
In August 2022, All On made an initial £1 million investment in MOPO as it deployed its MOPO50, in Ondo and Ekiti states. Following the successful achievement of key targets, including exceeding deployment goals and demonstrating strong customer adoption, All On has now made the additional investment in MOPO.
“MOPO’s innovative pay-per-use model has proven to be a successful solution for providing clean and affordable energy to underserved communities,” said the Chief Executive Officer, All-On, Caroline Eboumbou. “We are excited to support the rollout of the MOPOMax, we believe it has the potential to significantly impact, and unlock even greater economic opportunities for, MOPO customers. At All On, we are committed to supporting companies that address energy access challenges in innovative ways. MOPO’s pay-per-use model has demonstrably improved lives, and the MOPOMax expansion aligns perfectly with our goal of empowering communities with sustainable energy solutions.”
MOPO Chief Executive Officer Christopher Longbottom said, “To support the expansion of our fully integrated pay per use MOPO rental model, we have been progressing multiple financing options. We chose to take up a blend of grant, equity, debt and management orientated contracts which translates into an improved financial matrix for investors, taking into account dilution, IRRs and investment plans. We have been delighted with the response from existing shareholders including All-On, who recognise the inherent opportunity for our offering in Africa. Importantly, we now have over US$12 million in capital to expedite our business model and deliver renewable energy to the millions in Africa with no or unstable power infrastructure.”
This investment emphasizes All-On’s commitment to fostering a collaborative ecosystem within the renewable energy sector. Innovative companies like MOPO can leverage All-On’s expertise and financial resources to maximize their impact through partnership and collaboration. All On believes Nigeria can achieve its clean energy goals and ensure brighter, more sustainable futures for all its citizens.
