- $17 million from the UK to Arnergy, Koolboks, and BURN Manufacturing for clean energy.
- Funds to provide energy, reduce emissions, create 1,100 jobs, and support livelihoods.
- The UK backs Nigeria’s economic growth through the Manufacturing Africa Programme.
Ndidiamaka Eze, Senior Press and Public Affairs Officer for Prosperity and Economic Development, has announced that three Nigerian companies received a $17 million investment from the United Kingdom to support the clean energy sector.
The UK-funded Manufacturing Africa Programme provided the funds to Arnergy, Koolboks, and BURN Manufacturing. Eze noted that this Foreign Direct Investment would boost Nigeria’s renewable energy efforts.
“These investments will provide energy for more Nigerians, reduce carbon emissions, create 1,100 jobs, and support thousands of livelihoods. The companies are sustainability trailblazers,” Eze stated.
BURN Manufacturing, a leader in clean cookstoves, received $12 million from Key Carbon Limited. This funding supports a new assembly facility in Dawakin Kudu, Kano State, boosting electric and biomass cook stove distribution in East and Central Africa.
Arnergy is a leading Nigerian renewable energy company specialising in solar microgrids and rooftop solutions. It recently secured $3 million in bridge financing from a Shell-backed impact investment company, bringing its Series B total to $7.5 million.
Koolboks improves access to refrigeration with solar-powered cooling systems for underserved communities and women entrepreneurs. The company received a €1.5 million subsidy from the Beyond the Grid Fund for Africa to expand in Uganda.
Jonny Baxter, British Deputy High Commissioner in Lagos, reiterated the UK’s support for Nigeria’s Renewed Hope Agenda under President Bola Tinubu. He emphasised the fund’s role in boosting private-sector-led economic growth.
“We fund the Manufacturing Africa Programme to help companies raise finance, expand, and create 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, acknowledged Manufacturing Africa’s financial advisory support in their Series A fundraising.
Since 2020, Manufacturing Africa has helped 31 Nigerian companies raise investments across various sectors, attracting $85 million into Nigeria’s manufacturing sector.