- All On invested an additional $250,000 in ICE Solar to expand clean, pay-as-you-go solar solutions for Nigerian SMEs.
- The funding supports scaling ICE Solar’s technology-driven Energy-as-a-Service model, boosting SME productivity, job creation, and Nigeria’s energy transition.
All On has invested an additional $250,000 in ICE Solar Commercial Power Ltd. The follow-on funding builds on All On’s first investment in 2021. The firm stated that the new capital reflects its confidence in ICE Solar’s business model and will enable the company to deploy more solar and battery systems for small and medium-sized enterprises (SMEs).
Nigeria’s SME sector makes up 96.9% of all businesses, employs 87.9% of the workforce and contributes 46.3% of GDP, according to a 2021 SMEDAN survey. Many SMEs rely on petrol generators due to poor grid supply, which raises operating costs and reduces productivity.
Meanwhile, ICE Solar provides Energy-as-a-Service solutions that allow SMEs to pay for solar power on a flexible, pay-as-you-go basis. Its systems include remote monitoring and technology-driven energy management.
All On CEO Caroline Eboumbou said the investment supports local firms delivering clean energy at scale. “SMEs are the backbone of Nigeria’s economy, and access to reliable energy is critical to their growth,” she said at the signing ceremony.
Furthermore, the company stated that the funding strengthens its portfolio of impact-focused energy ventures and supports its long-term goal of driving economic growth through clean energy.
ICE Solar CEO Emmanuel Ekwueme said the investment will help the company expand its intelligent solar and battery solutions to more than 2,000 SMEs. He said the systems will reduce generator use, cut energy costs, and support the country’s shift to cleaner power.
“This partnership marks an important milestone for ICE Solar and for Nigeria’s renewable energy ecosystem,” Ekwueme said.