AllBase Energy secures $100,000 as finalists in USADF, All On Nigeria off-grid energy challenge
By Abimbola Abdullahi
Africa’s fast growing energy firm, AllBase Energy as secired $100,000 in blended finance by the US African Development Foundation (USADF) and All On as one of the nine winners of the 2020 Nigeria off-grid energy challenge.
Chief Executive Officer, AllBase Energy, Kunle Odebunmi, said: “The investment is a testament to our efforts in the energy transition by unlocking access to productivity, connectivity and resources that catalyze development and serves as yet another positive indication as the company positioned for the future.
“The grant will afford us to providing high quality, low-cost and carbon-free distributed solar energy system to underserved households and MSMEs in Lagos State, thereby giving users the comfort and power to do more,” he stated.
The challenge is a multi-year partnership that identifies and helps scale innovative off-grid solutions to “power up” unserved and underserved areas in Nigeria, established by USADF, a founding member of Power Africa and an independent United States Government agency established by Congress to support and invest in African-owned and led enterprises and All On, a Nigerian impact investing company seeded by Shell, that invests in off-grid energy solution providers in Nigeria.
The funding consists of up to $50,000 in the form of convertible debt along with up to $50,000 in grant capital. A portion of the grant capital is provided by the Rockefeller Foundation through the All On Hub.
The funds will be used to purchase systems through bulk purchase of multiple solar energy systems and components to enable the deployment of 1.5KW capacity solar energy systems to provide power for up to 45 users spanning households and merchants and small businesses (MSMEs) in Lagos State.
Each customer will have access to energy for refrigerator, TVs, fans, water dispenser, blender, Laptop and mobile phone charging, microwave, printer, lighting bulbs and other productive activities.
Founded in the middle of global pandemic in 2020, All Base Energy has a potential positive outlook with the founder looking to enhance productivity by providing clean, affordable, safe and on-demand distributed energy infrastructure for the working middle class and small businesses at a lower cost than existing alternatives.
The Company’s team includes experts in mass consumer markets, hardware (IoT) and software technology, finance, and renewable energy.
Since its founding, AllBase Energy has generated 1.12MWh from installed solar energy systems at the end of December 2020.
AllBase Energy delivers its innovative business model using robust and intelligent Internet of Things (IoT) proprietary technology. This includes its solar box called EL+ and its cloud-based software platform.
