Shell-seeded renewable energy investor, All On, in collaboration with the Nigeria Climate Innovation Center (NCIC) has announced the 2022 edition of their annual ideation incubation program for early-stage renewable energy entrepreneurs.
The goal of the program which opened applications for new cohorts in February 2022 is to build a pipeline of early-stage renewable energy businesses with the capacity to scale as well as, bridge Nigeria’s energy access gap.
According to the organisers, the six-month incubation program will give access to business development and mentorship support as well as an opportunity to receive a grant of $10,000 to scale their businesses.
Bankole Oloruntoba, Chief Executive Officer of NCIC, while addressing the 2022 cohort during the commencement of the program on Thursday, May 12, 2022, via zoom said, as stakeholders, we must continue to support the start-up ecosystem through incubation and innovation-driven programs that portend to solve key socio-economic challenges in the country like access to power through alternative clean sources.
Oloruntoba also urged women to participate more in these programs as gender balance is a critical factor for the growth and sustainability of any ecosystem.
Read also: All On, NCIC pledge $80,000 support for early stage off-grid energy projects
The NCIC was created in 2018 by the World Bank and the Federal Government of Nigeria through the Office of the Vice President with the mandate to lead the growth of the Nigerian green economy in developing and deploying solutions to climate change challenges, with footprints in venture development, green investment and capacity building services to climate-smart entrepreneurs.
NCIC’s primary thematic areas of engagement include renewable energy, waste management, smart agriculture, and innovative water solutions.
“All On Hub’s partnership with NCIC has helped to nurture ventures that are already delivering on their objectives to transform lives of Nigerians through the provision of clean off-grid energy solutions,” Sele Inegbedion, All On Hub Manager said.
“On the strength of this year’s applicants and the successes of prior cohorts, we are extremely optimistic about the prospects for further breakthrough innovations from within the 2022 cohort.”
All On, an independent impact investing company, 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.
Meanwhile, the organisers stated that 17 entrepreneurs were shortlisted to participate in the program for the next six months out of the total of 600 applications received for this year.
The 17 entrepreneurs of the 2022 cohort are Magtech Digital Hub, Lumos Laboratories, Stellar Power and Energies, Powerbox Energy Systems, Danwawo Group LTD, Energy Assured, Ecovirun, Solaris GreenTech Hub, MadeCore Solar, Green Focus Technologies, Nutriden Agriculture Concept, Manion Power and Energy LTD, Letcold Nigeria LTD, Swift Tranzact, Ceneco Green Power Ltd, Grintech Systems, and Evergreen Technology Enterprise.
