Solar energy firm NXT Grid secures $1.4m funding to grow operations
NXT Grid, a solar mini-grid firm, has raised $1.4 Million from investors All On and Katapult Climate to expand its operations, the company said in a release.
“We are excited about the growth path that the investment enables and about the strategic value and experience our investors bring to the table,” said Fabio De Pascale, CEO and co-Founder of NXT Grid.
NXT Grid’s innovative integrated platform makes it easy and affordable to install and operate a solar mini-grid. The company couples AI-based software with rented solar equipment, to enable business customers to run their own town-sized utility.
According to the company, the upfront costs are reduced by 80 percent making mini-grids a financially and environmentally sustainable alternative to generators.
This new investment follows an initial investment by All On in 2020, which made it possible to deploy the first mini-grids in Nigeria. NXT Grid said the new funding will enable it further its growth in Nigeria, with 30 grids planned to be constructed by 2023.
“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” says Fabio De Pascale.
Following the investment, Goziem Okubor, Senior Investment Associate of Nigerian off grid energy investor All On said: “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,” he said.
Nina Heir, CEO Katapult Climate and Partner at Katapult, a Norwegian climate-focused fund and accelerator, says “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.”