- All On has signed a third investment deal with Auxano Solar.
- The company is providing $500,000 to complete Auxano’s assembly plant.
Shell-backed impact investment company, All On has signed a third investment deal with a clean energy company, Auxano Solar. While announcing the agreement on LinkedIn, Wiebe Boer, Chief Executive Officer (CEO), All On, stated that All On is delighted to have signed off its third investment with Auxano Solar. “We have had an incredible journey with Chuks Umezulora and the team. After ‘discovering’ Auxano Solar Nig. Ltd on Twitter in 2017, U.S. African Development Foundation (USADF) and All On invested $100,000 in blended capital in the company to automate their solar panel assembly plant in Lagos,” he added. Auxano would later receive another round of investment from All on ($1.5 million) in 2020 to construct its solar panel assembly factory in Ibeju-Lekki.
The latest investment will enable the completion of this factory, which will assemble 100MW of solar panel capacity annually. All On is confident in the growth of Auxano, with Weibe predicting that Auxano will likely be Nigeria’s first clean energy unicorn company. Auxano Solar has deployed several off-grid energy systems across the country, including a 30kWp solar system in Abraka Delta State and the 70kWp solar system at All On’s Office in Lagos.