All On Doubles Investment in Mobile Power (MOPO) with £1 Million to Support MOPOMax Expansion

The new investment which was signed in December will support the expansion of MOPO's product line with the rollout of the MOPOMax, a generator replacement battery designed for both household and productive use applications. The MOPOMax boasts a 1,000Wh capacity, 20 times more energy than MOPO’s smaller MOPO50 battery, a 50Wh smart battery, providing household energy for lighting, phone charging and Direct Current (DC) appliances. MOPOMax will cater to a wider range of users, including households, small businesses and agripreneurs. This expansion will further address the energy access gap in Nigeria, empowering communities with reliable and affordable power to unlock economic opportunities.

In August 2022, All On made an initial £1 million investment in MOPO as it deployed its MOPO50, in Ondo and Ekiti states. Following the successful achievement of key targets, including exceeding deployment goals and demonstrating strong customer adoption, All On has now made the additional investment in MOPO.

“MOPO's innovative pay-per-use model has proven to be a successful solution for providing clean and affordable energy to underserved communities,” said the Chief Executive Officer, All On, Caroline Eboumbou. “We are excited to support the rollout of the MOPOMax, we believe it has the potential to significantly, impact and unlock even greater economic opportunities for MOPO customers. At All On, we are committed to supporting companies that address energy access challenges in innovative ways. MOPO's pay-per-use model has demonstrably improved lives, and the MOPOMax expansion aligns perfectly with our goal of empowering communities with sustainable energy solutions."

MOPO Chief Executive Officer Christopher Longbottom said, “To support the expansion of our fully integrated pay per use MOPO rental model, we have been progressing multiple financing options. We chose to take up a blend of grant, equity, debt and management orientated contracts which translates into an improved financial matrix for investors, taking into account dilution, IRRs and investment plans. We have been delighted with the response from existing shareholders including All On, who recognise the inherent opportunity for our offering in Africa. Importantly, we now have over US$12 million in capital to expedite our business model and deliver renewable energy to the millions in Africa with no or unstable power infrastructure.”

This investment emphasizes All On's commitment to fostering a collaborative ecosystem within the renewable energy sector. Innovative companies like MOPO can leverage All On's expertise and financial resources to maximize their impact through partnership and collaboration. All On believes Nigeria can achieve its clean energy goals and ensure brighter, more sustainable futures for all its citizens.

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: email all-on-communications@all-on.com

Contact of All On Investment Manager: Oluseye Bassir via email oluseye.bassir@all-on.com

About MOPO

Sheffield-based Mobile Power (‘MOPO’) is a pay-per-use battery technology company focussed on the supply of sustainable energy to individuals and businesses in Africa. The business is based on the rental of its unique MOPO batteries from solar powered recharging hubs managed by a network of local agents. Its portfolio includes the MOPO50 battery, which provides basic household energy access for lighting, phone charging and Direct Current (DC) appliances; and the MOPOMax battery, which can be used to replace small petrol generators (0-4kVA) and as a battery swap for e-motorbike taxis. Each MOPO battery, which has integrated payment technology to ensure energy is only discharged upon agent payment through the MOPO App, can be tracked via the MOPO Platform to determine whether it is with an agent or customer or has reached the end of its life and is ready to be recycled. Carrying out over 6 million MOPO battery rentals per year, MOPO currently has operations in Nigeria, DRC, Sierra Leone, Liberia, Chad, and Uganda, and plans to roll out its service across Africa. To learn more, please visit https://www.mopo.co

Contact:

Hugo de Salis, Corporate Development: hugo.desalis@mobile-power.co.uk