- NXT Grid has raised $1.4m from Impact investor All On and Katapult Climate.
- NXT plans to use the funding to scale growth and deploy 20 mini-grids by 2023.
NXT Grid has announced that it has raised $1.4 million from All On and Katapult Climate. NXT Grid provides an innovative integrated platform that enables easy and affordable installation and operation of mini-grid. The company couples AI-based software and rented solar equipment to enable customers to run their own off-grid systems. This reduces upfront costs by up to 80 per cent, making mini-grids cost-effective compared to fossil fuel generators. The funding will enable NXT to accelerate growth as it plans to construct 20 mini-grids by 2023.
About the new investment, Fabio De Pascale, CEO and co-Founder of NXT Grid, stated, “we are excited about the growth path that the investment enables and about the strategic value and experience our investors bring to the table. All On has already been a great partner for our Nigerian operations since their initial investment in 2020, while Katapult has provided us with access to key resources to be fully ready for our growth in the coming years. Solidifying our relationship with such strategic investors is another step on our path to achieve solar mini-grids everywhere, by anyone.”
Goziem Okubor, the Senior Investment Associate at All On, added that the impact investor is “thrilled about our follow on investment in NXT Grid, which comes after the company proved its model in the Niger Delta region with its first grids in 2021. NXT Grid’s model has the potential to disrupt the clean mini-grids industry in Nigeria and the rest of Sub-Saharan Africa, thanks to the unique ability to empower and enable local companies and local investors to sustainably build and operate solar mini-grids with no prior experience.”
Nina Heir, the CEO of Katapult Climate and Partner at Katapult, a leading Norwegian climate-focused fund and accelerator, notes, “for the first Katapult cohort focusing solely on climate tech, we evaluated more than 1,000 impressive companies from across the globe. NXT Grid’s offering of providing easily deployable solar mini-grids not only aligns with our investment criteria but speaks to the core of our vision of building a thriving world for all.”
NXT Grid plans to connect over 2,500,000 people and deploy over 250MW of solar mini-grids across Sub-Saharan Africa over the next decade.