All On Doubles Investment in MOPO with £1 Million to Support MOPOMax Expansion
All On, a prominent impact investing firm dedicated to scaling up the renewable energy sector in Nigeria, has announced an additional investment of £1 million in MOPO. This brings All On’s total investment in MOPO to £2 million. MOPO is known for offering innovative pay-per-use battery solutions to individuals and businesses facing challenges with unreliable or absent power infrastructure in Sub-Saharan Africa.
The fresh investment injection aims to facilitate the expansion of MOPO’s product range, particularly with the introduction of MOPOMax, a cutting-edge generator replacement battery tailored for household and commercial applications. With a robust 1,000Wh capacity, MOPOMax surpasses the energy output of MOPO’s smaller MOPO50 battery (50Wh), which primarily serves basic household energy needs such as lighting, phone charging, and running Direct Current (DC) appliances.
MOPOMax targets a broader user base, including households, small enterprises, and agripreneurs. This strategic expansion is poised to bridge the energy access gap in Nigeria, empowering communities with reliable and cost-effective power solutions that unlock economic potentials.
All On’s initial £1 million investment in MOPO dates back to August 2022 when MOPO successfully deployed its MOPO50 batteries in Ondo and Ekiti states. Following commendable milestones such as surpassing deployment targets and garnering strong customer acceptance, All On decided to double down on its support for MOPO with this additional investment.
Caroline Eboumbou, Chief Executive Officer of All On, expressed enthusiasm about MOPO’s innovative pay-per-use model, noting its effectiveness in delivering clean and affordable energy to underserved communities. She emphasized All On’s commitment to backing companies that tackle energy access challenges with innovative approaches. Eboumbou believes that the MOPOMax expansion aligns perfectly with All On’s mission of empowering communities with sustainable energy solutions, ultimately improving lives and fostering economic growth.
Christopher Longbottom, CEO of MOPO, highlighted the various financing options pursued to support MOPO’s expansion plans, including grants, equity, debt, and management-oriented contracts. He praised the response from existing shareholders like All On, recognizing their support for MOPO’s potential in Africa’s energy landscape. With over US$12 million in capital now secured, MOPO is well-positioned to accelerate its business model and deliver renewable energy solutions to millions across Africa facing energy infrastructure challenges.
The investment underscores All On’s dedication to nurturing a collaborative ecosystem within the renewable energy sector. Partnerships with innovative firms like MOPO enable the maximization of impact through shared expertise and financial resources. All On remains optimistic about Nigeria’s clean energy prospects, aiming for a brighter and more sustainable future for all citizens.
Source: Slok Communications
