Nigerian solar mini-grid provider, NXT Grid, has announced it has secured $1.4m from investors All On and Katapult Climate to expand its operations.
This latest investment follows All On’s initial investment in 2020, which enabled the deployment of Nigeria’s first mini-grids.
NXT Grid was founded in 2019 by Fabio De Pascale with aim of providing financially and environmentally viable alternatives to generators. This process has made installing and operating a solar mini-grid is simple and economical thanks to NXT Grid’s revolutionary integrated platform.
To enable corporate clients to run their town-sized utilities, the startup combines AI-based software with rental solar equipment.
“All On has already been a great partner for our Nigerian operations since their initial investment in 2020, while Katapult has provided us with access to key resources to be fully ready for our growth in the coming years. Solidifying our relationship with such strategic investors is another step on our path to achieve solar mini-grids everywhere, by anyone,” said Fabio De Pascale.
Goziem Okubor, Senior Investment Associate of Nigerian off-grid energy investor All On also applauded NXT Grid’s model while saying it has the potential to disrupt the industry.
“We are thrilled about our follow-on investment in NXT Grid, which comes after the company proved its model in the Niger Delta region with its first grids in 2021. NXT Grid’s model has the potential to disrupt the clean mini-grids industry in Nigeria and the rest of Sub-Saharan Africa, thanks to the unique ability to empower and enable local companies and local investors to sustainably build and operate solar mini-grids with no prior experience,” said Okubor.
Nina Heir, Ceo of Katapult Climate and Partner at Katapult, also said: “For the first Katapult cohort focusing solely on climate tech, we evaluated more than 1,000 impressive companies from across the globe. NXT Grid’s offering of providing easily deployable solar mini-grids not only aligns with our investment criteria but speaks to the core of our vision of building a thriving world for all.”
NXT Grid said the new money will help it expand in Nigeria, where 30 grids are expected to be built by 2023.