BY CHISOM NWATU
All on, a Shell-funded impact investment company, has announced a $500,000 investment in Koolboks that will enable the innovative refrigeration solutions company to scale up its business operations.
This new investment will provide Koolboks, which completed a commercial pilot study in 2020 to assess consumer reaction to its flagship product, the KoolHome solar freezer, much-needed financing to help speed up the deployment of the KoolHome units in key areas in the Niger Delta, South-West, as well as the Federal Capital Territory and its surroundings.
This is coming on the heels of a similar deal that saw All On investing $500,000 in Greenage Technologies Power System Limited that would help the renewable energy company to fund the construction and expansion of its charge controllers and inverters manufacturing facility in Enugu State, South-East Nigeria.
Ayoola Dominic, CEO, Koolboks, said the company, which provides affordable cooling services to small businesses and households with a social impact focus on increasing income and job opportunities for women, was particularly thrilled to close the deal with All On that would ensure “the scaling up of our business operations”.
“We believe that depending on sustainable energy can help people earn a living and feed their family. It is a win for small businesses, a win for us, and a win for the planet at large,” Dominic said.
Koolboks uses pay-as-you-go solar freezers to provide cold storage for perishables and beverages to productive-use customers, such as fish sellers and neighbourhood stores in urban, peri-urban, and rural areas where grid access is limited, and cooling costs are high.
Assisting low-income consumers, particularly women, in climbing the energy ladder and promoting economic activity and growth requires access to affordable, energy-efficient off-grid products like solar freezers. This investment deal enables All On to tap into the significant market potential available in the decentralised segment of the solar-powered cold storage.
Wiebe Boer, CEO of All On, said the investment aligns with the company’s “strategic goal to support the deployment of off-grid energy alternatives for productive use”.
“Koolboks is a fast growing company and their products are currently sold in Nigeria and 10 other African markets. This deal supports the company’s Nigeria expansion in the distribution of solar powered cold storage units,” Boer said.