Impact investors All On and Katapult Climate are investing $1.4 million in NXT Grid. In Nigeria, the company installs and operates small-scale solar power plants for productive use, powered by artificial intelligence.
NXT Grid’s assets will grow in Nigeria over the next two years. The solar mini-grid company is raising $1.4 million to fund its expansion. The funds were raised from Katapult Climate and All On, an investment company funded by Anglo-Dutch oil company Shell, and very active in the renewable energy sector in Nigeria.
The Amsterdam, Netherlands-based electricity access solutions provider will leverage the funding to build 30 solar mini-grids by 2023. “All On has been a great partner for our Nigerian operations since their initial investment in 2020, while Katapult has given us access to key resources to be fully prepared for our growth in the coming years. Strengthening our relationship with such strategic investors is another step on our path to realizing solar mini-grids across Nigeria,” said Fabio De Pascale, CEO and co-founder of NXT Grid.
For its customers, especially professionals, the company installs solar power generation equipment powered by artificial intelligence. NXT Grid has enormous development potential in a Nigerian context marked by the desire of companies to gain autonomy from the public electricity grid, which is plagued by load shedding.
According to the World Bank, Nigerian businesses lose $29 billion every year due to the unreliability of the national power grid. In response, Nigerian companies are turning to stand-alone solutions, including solar photovoltaic systems. Recently, soft drink manufacturer Seven-Up Bottling Company (SBC) teamed up with solar energy provider Daystar Power to equip five of its factories with solar PV systems in Nigeria.