All On, an independent impact investing company, on Tuesday, announced an additional investment of £1 million in Mobile Power (MOPO).
According to the statement, the new investment which was signed in December brings All On’s total investment in MOPO to £2 million and will support the expansion of MOPO’s product line with the rollout of the MOPOMax, a generator replacement battery designed for both household and productive use applications.
The statement read, “The MOPOMax boasts a 1,000Wh capacity, 20 times more energy than MOPO’s smaller MOPO50 battery, a 50Wh smartbattery, providing household energy for lighting, phone charging and Direct Current (DC) appliances.”
“MOPOMax will cater to a wider range of users, including households, small businesses and agripreneurs. This expansion will further address the energy access gap in Nigeria, empowering communities with reliable and affordable power to unlock economic opportunities,” it added.
In August 2022, All On made an initial £1 million investment in MOPO as it deployed its MOPO50, in Ondo and Ekiti states.
Following the successful achievement of key targets, including exceeding deployment goals and demonstrating strong customer adoption, All On has now made the additional investment in MOPO.
Caroline Eboumbou, chief executive officer of All On, said, “MOPO’s innovative pay-per-use model has proven to be a successful solution for providing clean and affordable energy to underserved communities.”
“We are excited to support the rollout of the MOPOMax, we believe it has the potential to significantly, impact and unlock even greater economic opportunities for MOPO customers.
At All On, we are committed to supporting companies that address energy access challenges in innovative ways. MOPO’s pay-per-use model has demonstrably improved lives, and the MOPOMaxexpansion aligns perfectly with our goal of empowering communities with sustainable energy solutions,” she said
On his part, Christopher Longbottom, chief executive officer of MOPO, said, “To support the expansion of our fully integrated pay per use MOPO rental model, we have been progressing multiple financing options.
We chose to take up a blend of grant, equity, debt and management orientated contracts which translates into an improved financial matrix for investors, taking into account dilution, IRRs and investment plans.”
“ We have been delighted with the response from existing shareholders including All On, who recognise the inherent opportunity for our offering in Africa. Importantly, we now have over US$12 million in capital to expedite our business model and deliver renewable energy to the millions in Africa with no or unstable power infrastructure,” he added.
All On is a leading impact investing company focused on scaling up the renewable energy sector in Nigeria. It was seeded with funding from Shell, and works with partners to increase access to commercial energy products and services for unserved and underserved off-grid energy markets in Nigeria, with a special focus on the Niger Delta.
Sheffield-based Mobile Power (MOPO) is a pay-per-use battery technology company focused on the supply of sustainable energy to individuals and businesses in Africa. MOPO is based on the rental of its unique MOPO batteries from solar-powered recharging hubs managed by a network of local agents.
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