All On, is putting more funds into Nigeria’s energy sector, with additional investment of £1 million in MOPO.
The company offers innovative pay-per-use battery solutions to individuals and businesses with no or unstable power infrastructure in Sub-Saharan Africa. This expansion, it said, will further address the energy access gap in Nigeria, empowering communities with reliable and affordable power to unlock economic opportunities.
This brings All On’s total investment in MOPO to £2 million.
The new investment, which was signed recently, it stressed, will support 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 smaller MOPO50 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 entrepreneurs.
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. 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,” said the chief executive officer(CEO), All On, Caroline Eboumbou.
MOPO’s chief executive officer(CEO), 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, he said, emphasises All On’s commitment to fostering a collaborative ecosystem within the renewable energy sector, stressing that innovative companies like MOPO can leverage All On’s expertise and financial resources to maximise their impact through partnership and collaboration.
