All On and Mobile Power Limited Sign GBP1million Investment Deal to Expand Deployment of Pay-per-use battery sharing platform in Nigeria
Aug 31, 2022
Lagos – All On, a Shell-funded impact investment company, is pleased to announce a GBP1million investment in Mobile Power Limited, to increase the growth of its Pay-per-use battery sharing platform in Nigeria.
Mobile Power’s energy distribution platform “MOPO”, is successfully serving challenging markets, creating local employment, and providing financial and social returns. The platform offers customers a community-based, agent-led Battery-As-A-Service product that enables them rent 50Wh-1000Wh lithium-ion batteries for 24-hour periods.
“Nigeria is now our fastest growing market, and we are very excited for our partnership with All On which will accelerate growth in household energy and replacing urban generators” said Chris Longbottom, Chief Executive Officer, Mobile Power Limited
Established in 2013, UK-headquartered Mobile Power began in Sierra Leone. It also operates in Liberia and entered the Nigerian market in 2021. In 2022 it is starting operations in DRC. In addition, it has strategic relationships deploying its products and services in other African markets like Uganda, Zambia, and The Gambia. Mobile Power’s business strategy is based on aggregating last-mile demand and optimising battery rentals in the communities where its MOPO agents are active. The business achieves this by embedding incentives into the product's technology and pricing to influence agent and customer behaviour.
"This deal fully aligns with All On's mission to support the deployment of innovative and user-friendly renewable energy solutions, particularly for Nigeria's under-served and unserved markets." said All On Acting CEO and Investment Manager, Afolabi Akinrogunde. “We look forward to continuing to work with the MOPO team to scale this model and provide commercially sustainable decentralized renewable power solutions to Nigerians.”
The MOPO offering removes the product acquisition challenge from the equation for potentially millions of unserved homes and micro businesses in Nigeria, empowering them to secure the energy they need, when they need it and for how long they need it.
All On, through the All On Hub, has been providing non-financial support to Mobile Power to support its Nigeria market entry since 2021. Mobile Power’s current hubs in Nigeria are in Ekiti State and Ondo State, South-western Nigeria, where it has deployed over 40 hubs, with 20,000 households and 1,000,000 rentals since it commenced operations in mid-2021 – one of the fastest energy access project deployment rates in the Nigerian offgrid energy space.
Mobile Power expects to roll out multiples of its current deployment numbers across Nigeria over the next year. The All On Investment will help power its ambitious pan-Nigerian deployment and expansion drive.
About All On
All On, an independent impact investing company, was seeded with funding from Shell, and works with partners to increase access to commercial energy products and services for unserved and underserved off-grid energy markets in Nigeria, with a special focus on the Niger Delta. All On invests in off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies deployed by both foreign and local access-to-energy companies that complement available grid power across Nigeria and help bridge its significant energy gap.
To learn more, please visit www.all-on.com
Contact: Wisdom Chapp-Jumbo +2347083587365 or via email firstname.lastname@example.org
About Mobile Power Limited
Mobile Power is transforming energy and transport through its innovative and affordable solutions, enabling a net zero future for all. Solar-powered “MOPO Hubs” operate across sub-Saharan Africa, providing energy via pay-per-swap MOPO Batteries for homes, businesses, and electric transport.
To learn more, please visit www.mobilepower.co
Contact: Joe Collins via email email@example.com