TNL aims to halve energy costs for businesses

Taranis Novus (TNL), a burgeoning startup encompassing energy, agribusiness, construction, and digital technology sectors, is aiming to curb the energy costs for businesses in Nigeria.

At the signing of a new partnership with LithTech, a leading renewable energy solutions company with its research and development base in Germany and a production line in Shenzhen, China, at the Lagos International Trade Fair, Kehinde Olaleye, the visionary behind the startup, emphasized that utilizing LithTech products enables businesses to thrive without concerns about the unstable power supply.

“Given the recent subsidy removal, we aim to reduce the cost of energy solutions for businesses. In the health sector where we also provide solutions, we intend to bring down the energy cost of hospitals so that many Nigerians can afford good health,” Olaleye said.

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“The consumption of things in Nigeria is going higher because the cost of operation of MSME and companies is about 70 percent on diesel. So they have to pass the costs on to customers. We are providing a solution that can save them 50 percent. We believe out of our 50 percent, maybe 10 percent will go for profit, the 10 percent will go for research and development and then 10 percent will be reduced from the cost of living which will benefit all Nigerians. Our impact is not all about alternative energy but the sustainability of the industry.”

Olaleye illustrated with an example of the LithTech commercial EES solution, which can provide 18 hours of off-grid power. He mentioned that the surplus energy could potentially be redirected to power other residences through government channels.

“We need to make the environment sustainable.”

During his welcome address, Femi Numa, the managing director, underscored TNL’s commitment to establishing a lasting legacy in the energy sector. Additionally, Fabian Adeoye Lojede, co-founder and a creative entrepreneur, expressed unwavering confidence in Nigeria’s attainability of a transition to renewable and sustainable energy.

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“The initial cost of investment might be slightly higher, but most of the time, it pays for itself. So, in terms of being sustainable and accessible to people, I believe we are on the right path,” Lojede said.

Renowned for their superior quality, long lifespan, and advanced technology integration, LithTech products have seen significant success in other markets and are anticipated to meet the increasing demand for reliable and cost-effective renewable energy solutions in Nigeria and the rest of Africa.

Leo Liu, international sales director, LithTech Global, said the company is looking forward to training Nigerians on the technology behind solar energy as it provides off-grid solutions to residential and commercial customers in the country.