Business
THREE Nigerian companies have received 17 million dollars in UK investment to strengthen the clean energy sector.
A statement by Ndidiamaka Eze, Senior Press and Public Affairs Officer/Communications Lead, Prosperity and Economic Development, indicated that the support was given to the companies under the UK-funded Manufacturing Africa Programme.
She said that the companies in the programme’s portfolio are Arnergy, Koolboks, and BURN Manufacturing.
She added that the fund would boost Nigeria’s efforts to expand access to renewable energy solutions.
“These investments will provide energy for more Nigerians, reduce carbon emissions, lead to the creation of 1,100 jobs, and support thousands of livelihoods.
“The three companies are sustainability trailblazers,” she said.
The News Agency of Nigeria (NAN) reports that BURN Manufacturing is at the forefront of clean cook-stove innovation.
It secured 12 million dollars in carbon investment from Key Carbon Ltd.
Their new local assembly facility in Dawakin Kudu, Kano state will boost distribution efforts of electric cook stoves and biomass stoves across East and Central Africa.
Arnergy is a leading renewable energy company in Nigeria that specialises in designing and manufacturing technology-enabled solar micro-grid and rooftop solutions.
With a recent 3 million dollars bridge-financing from a Shell-backed impact investment company, the company has already raised 7.5 million dollars in their Series B fundraising.
Koolboks is revolutionising access to refrigeration services, particularly for underserved communities and women entrepreneurs through its solar-powered cooling systems.
Their pay-as-you-go technology and accessible business model have attracted a 1.5 million Euro subsidy from Beyond the Grid Fund for Africa (BGFA), for launch and expansion in Uganda.
At the ceremony, the British Deputy High Commissioner in Lagos, Jonny Baxter, stated that the UK government supports Nigeria’s Renewed Hope Agenda of President Bola Tinubu.
Baxter said the fund would enhance Nigeria’s commitments toward boosting private-sector-led economic growth.
“We’re funding the Manufacturing Africa programme to provide free advisory services to companies raising finance to expand their capabilities and create new jobs in Nigeria.
“It’s great to see these companies realise their goals with UK support,” Baxter said.
Lolade Alonge, Business Communications Manager at Koolboks said: “Manufacturing Africa’s financial advisory support when raising our ‘Series A’ came in very handy and has helped us secure funds that will assist with our expansion plans.”
He said Manufacturing Africa has supported 31 Nigerian companies in boosting investment in many sectors including agro-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy.
The programme has also helped to attract 85 million dollars into Nigeria’s manufacturing sector since 2020. (NAN)
F.A
June 5, 2024
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