By: Vincent Amadi
Three Nigerian companies have gotten a $17 million UK investment boost within the clean energy sector.
Senior Press & Public Affairs Officer Communications Lead, Prosperity, and Economic Development, Ndidiamaka Eze, unveiled this in a statement on Tuesday in Abuja.
Ms Eze said that the Foreign Direct Investment bolster support was given to the companies under the UK-funded Manufacturing Africa Programme.
She listed the companies in the program’s portfolio to include Arnergy, Koolboks, and BURN Manufacturing.
She added that the support would boost Nigeria’s endeavors to extend access to renewable energy solutions.
She said, “These investments will provide energy for more Nigerians, reduce carbon emissions, lead to the creation of 1,100 jobs, and support thousands of jobs. The three companies are supportability trailblazers.”
BURN Manufacturing is at the forefront of clean cookstoves innovation.
It secured 12 million dollars in carbon investment from Key Carbon Limited. The new local assembly facility in Dawakin Kudu, Kano State, will enhance the distribution of electric cook stoves and biomass stoves to East and Central Africa.
Arnergy is a driving renewable energy company in Nigeria that specializes in planning and manufacturing technology-enabled sun-oriented microgrids and housetop arrangements.
With a later three million dollar bridge financing from a Shell-backed affect investment company, the company has already raised 7.5 million dollars in their Series B fundraising.
Koolboks is revolutionizing access to refrigeration services, especially for underserved communities and women entrepreneurs through their solar-powered cooling systems.
Their pay-as-you-go technology and available business model have attracted a 1.5 million Euro subsidy from Beyond the Grid Fund for Africa for launch and extension in Uganda.
The British Deputy High Commissioner in Lagos, Jonny Baxter, at the ceremony said that the UK government supports Nigeria’s Renewed Hope Agenda of President Bola Tinubu.
Mr. Baxter said that the fund would improve Nigeria’s commitments toward boosting private-sector-driven economic development.
“We’re subsidizing the Manufacturing Africa program to supply free advisory services to companies raising funds to extend their capabilities and make unused employment in Nigeria. It’s incredible to see these companies figure it out their objectives with UK support,” Mr Baxter said.
Business Communications Manager at Koolboks, Lolade Alonge, “Manufacturing Africa’s financial advisory support when raising our ‘Series A’ came in exceptionally helpful and has helped us secure reserves that will help with our expansion plans.”
He said that Manufacturing Africa has upheld 31 Nigerian companies to raise investment in segments including agro-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy.
The program has moreover made a difference in attracting $85 million into Nigeria’s manufacturing sector since 2020.
