- UK funded Arnergy, Koolboks, and BURN Manufacturing with $17 million to expand access to renewable energy solutions.
- These investments will provide energy for more Nigerians, reduce carbon emissions, create 1100 jobs, and support thousands of livelihoods.
Arnergy, Koolboks, and BURN Manufacturing have secured $17 million in foreign direct investment (FDI) from the UK-funded Manufacturing Africa programme to enhance clean energy in Nigeria.
This funding covers access to renewable energy solutions, including solar microgrids and rooftop solutions, solar-powered cooling systems and clean cooking.
On Tuesday, a statement issued by the British High Commission in Abuja said these investments will provide energy for more Nigerians, reduce carbon emissions, create 1100 jobs, and support thousands of livelihoods.
The British Deputy High Commissioner in Lagos, Jonny Baxter, added, “The UK Government supports the ambition of the Federal Government’s Renewed Hope agenda: to boost private-sector led economic growth in Nigeria.
“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.”
On her part, the Business Communications Manager at Koolboks, Lolade Alonge, noted that Manufacturing Africa’s financial advisory support when raising its ‘Series A’ came in handy and helped the firm secure funds to assist with expansion plans.
The Manufacturing Africa programme provided advisory services to these firms, including financial analysis, modelling, commercial diligence analysis, and strategic business planning.
To date, Manufacturing Africa has supported 31 Nigerian companies in their journey to raise investment in agri-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy.
In addition, the programme has helped to attract $85 million into Nigeria’s manufacturing sector since 2020.
What to Know About the Three Firms Under the UK-funded Manufacturing Africa Programme
- Arnergy is a leading renewable energy company in Nigeria that specialises in designing and manufacturing technology-enabled solar microgrids and rooftop solutions. With a recent $3 million bridge financing from a Shell-backed impact investment company, the company has already raised $7.5 million in their Series B fundraise.
- Koolboks is revolutionising access to refrigeration services, particularly for underserved communities and women entrepreneurs, through 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.
- BURN Manufacturing, at the forefront of clean cookstove innovation, has secured $12 million in carbon investment from Key Carbon Ltd. Their new local assembly facility in Northern Nigeria will bolster distribution efforts of electric cookstoves and biomass stoves across East and Central Africa.