The UK’s Manufacturing Africa program is making a big difference in Nigeria’s clean energy sector. Three Nigerian companies – Arnergy, Koolboks, and BURN Manufacturing – received a total of $17 million in foreign investment, helping the country expand access to renewable energy solutions.
This investment will bring clean energy to more Nigerians, reduce pollution, create over 1,100 jobs, and improve livelihoods for many.
Breakdown of the three companies
- BURN Manufacturing: A leader in clean cookstove technology, BURN secured a $12 million investment from Key Carbon Ltd. to build a new assembly plant in Northern Nigeria. This factory will increase distribution of electric and biomass cookstoves across East and Central Africa.
- Arnergy: A top renewable energy company, Arnergy designs and builds solar micro-grids and rooftop solar solutions. With recent funding from a Shell-backed company, they’ve raised $7.5 million so far in their Series B round.
- Koolboks: Koolboks is changing how people access refrigeration, especially in underserved communities and for women entrepreneurs. Their solar-powered cooling systems with a pay-as-you-go option secured a €1.5 million subsidy from Beyond the Grid Fund for Africa (BGFA) to launch and expand in Uganda.
Meanwhile, the British Deputy High Commissioner in Lagos, Jonny Baxter, has highlighted the UK’s commitment to supporting Nigeria’s economic growth. The Manufacturing Africa program provides free advisory services to companies seeking funding, helping them expand and create jobs.
Also, Lolade Alonge, from Koolboks, said the program’s financial advice was instrumental in securing funds for their expansion plans. The program offered support with financial analysis, business planning, and more.
Since 2020, Manufacturing Africa has assisted 31 Nigerian companies in various sectors – agriculture, manufacturing parks, medicine, vehicles, electric mobility, and clean energy – to raise a total of $85 million in investment.