Shell-funded impact investment company, All On, has announced an additional investment of £1m in Mobile Power, a company offering innovative pay-per-use battery solutions to individuals and businesses in Sub-Saharan Africa.
This new investment brings All On’s total investment in Mobile Power to £2m.
All On, a firm focused on scaling up the renewable energy sector in Nigeria, said in a statement that the new investment signed recently will support the expansion of Mobile Power’s product line with the roll-out of the MOPOMax, a generator replacement battery designed for both household and productive use applications.
According to the firm, the MOPOMax boasts a 1,000Wh capacity, providing household energy for lighting, phone charging and direct current appliances.
“This expansion will further address the energy access gap in Nigeria, empowering communities with reliable and affordable power to unlock economic opportunities,” he said.
In August 2022, All On was said to have made an initial £1m investment in Mobile Power as it deployed its MOPO50, in Ondo and Ekiti states.
It added that following the achievement of key targets, including exceeding deployment goals and demonstrating strong customer adoption, All On made the additional investment in Mobile Power.
“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 roll-out of MOPOMax; we believe it has the potential to significantly, impact and unlock even greater economic opportunities for MOPO customers,” stated the Chief Executive Officer of All On, Caroline Eboumbou.
She added that All On was committed to supporting companies that address energy access challenges in innovative ways, saying MOPO’s pay-per-use model and the MOPOMax expansion align perfectly with All On’s goal of empowering communities with sustainable energy solutions.
Eboumbou declared that the investment emphasised All On’s commitment to fostering a collaborative ecosystem within the renewable energy sector.
She explained that the Shell-funded company believed Nigeria could achieve its clean energy goals and ensure a more sustainable future for all its citizens.
MOPO Chief Executive Officer, Christopher Longbottom, who expressed delight with the response from existing shareholders, including All On, declared that the energy firm “now have over $12m in capital to expedite our business model and deliver renewable energy to the millions in Africa with no or unstable power infrastructure.”
