All On Invests US$250,000 in ICE Solar to Expand Clean Energy Access for Nigerian SMEs
Lagos, Nigeria – All On, an impact investment company committed to increasing energy access for Nigeria’s underserved and off-grid communities, has announced a follow-on investment of US$250,000 in ICE Solar Commercial Power Limited (“ICE Solar”), a fast-growing provider of Energy-as-a-Service solutions for Small and Medium Enterprises (SMEs) across Nigeria.
This second round of funding builds on All On’s initial investment in 2021 and reflects the company’s continued confidence in ICE Solar’s scalable business model and impact-driven approach. The new capital will be used to expand ICE Solar’s deployment of intelligent solar and battery systems, enabling thousands of SMEs to transition from costly, polluting petrol generators to clean, reliable energy alternatives.
According to a 2021 SMEDAN MSME survey, Nigeria’s SME sector represents 96.9% of all businesses, contributes 87.9% of employment, and accounts for 46.3% of GDP, yet many still face challenges with unreliable power supply, which hampers productivity and increases operational costs. ICE Solar’s Energy-as-a-Service model offers a sustainable solution by providing affordable, pay-as-you-go solar energy tailored to the needs of small businesses. The company’s technology-driven approach ensures efficient energy management, remote monitoring, and flexible payment options—making clean energy more accessible to entrepreneurs across the country.
Speaking at the signing ceremony, Caroline Eboumbou, CEO of All On, said, “This follow-on investment in ICE Solar reflects our commitment to supporting indigenous companies that are delivering scalable clean energy solutions to underserved markets. We believe that SMEs are the backbone of Nigeria’s economy, and access to reliable energy is critical to their growth and resilience. ICE Solar’s innovative model contributes meaningfully to job creation, economic inclusion, and the broader energy transition.”
Emmanuel Ekwueme, PhD, Founder and CEO of ICE Solar, added, “We’re thrilled to welcome All On’s continued partnership and investment in ICE Solar. This support reinforces our shared vision to accelerate clean, reliable energy access across Nigeria. With this new capital, we’re scaling our intelligent solar and battery solutions to help over 2,000 SMEs cut energy costs, displace thousands of petrol generators, and transition toward a low-carbon future. This partnership marks an important milestone not just for ICE Solar’s growth, but for the broader renewable energy ecosystem driving Nigeria’s economic transformation.”
This investment strengthens All On’s portfolio of high-impact energy ventures and underscores its long-term strategy to catalyze inclusive growth through sustainable energy. By empowering SMEs with reliable power, the partnership between All On and ICE Solar is helping unlock economic potential, create jobs, and accelerate Nigeria’s transition to a low-carbon future.
About All On:
All On Partnerships for Energy Access (All On), an independent impact investing company, was seeded by Shell to catalyze the growth of Nigeria’s off-grid energy market to provide affordable, reliable, and sustainable energy for low-income households and small businesses.
All On provides debt and equity funding, as well as non-financial support, to Nigerian energy companies that align with its mission of closing Nigeria’s access-to-energy gap through renewable energy solutions. Visit https://www.all-on.com/ to learn more. For media enquiries, contact communications@all-on.com
About ICE Solar Commercial Power Limited:
ICE Solar is a climate technology company leveraging connected finance and distributed energy resources to serve underserved communities in Nigeria, with a focus on SMEs, the backbone of the Nigerian economy. By offering Energy-as-a-Service, ICE Solar empowers businesses to access clean, reliable energy for their operations, fostering economic inclusion and sustainability. Learn more at ICE Solar.