Three companies in the programme’s portfolio – Arnergy, Koolboks and BURN Manufacturing – have collectively secured $17 million in foreign direct investment (FDI), boosting Nigeria’s efforts to expand access to renewable energy solutions.
These investments will provide energy for more Nigerians, reduce carbon emissions, lead to the creation of 1100 jobs, and support thousands of livelihoods.
The three companies are sustainability trailblazers, including Burn Manufacturing. The firm is at the forefront of clean cookstove innovation, and secured $12 million in carbon investment from Key Carbon Ltd. Their new local assembly facility in Northern Nigeria will bolster distribution efforts of electric cookstoves and biomass stoves across East and Central Africa.
Arnergy is a renewable energy company in Nigeria that specialises in designing and manufacturing technology-enabled solar microgrids and rooftop solutions. With a recent $3 million bridge financing from a Shell-backed impact investment company, the company has already raised $7.5 million in its Series B fundraising.
Koolboks is revolutionizing access to refrigeration services, particularly for underserved communities and women entrepreneurs through their solar-powered cooling systems. Their pay-as-you-go technology and accessible business model have attracted a 1.5-million-euro subsidy from Beyond the Grid Fund for Africa (BGFA), for launch and expansion in Uganda.
The British Deputy High Commissioner in Lagos, Jonny Baxter, said: “The UK Government supports the ambition of the Federal Government’s Renewed Hope agenda: to boost private-sector led economic growth in Nigeria. We’re funding the Manufacturing Africa programme to provide free advisory services to companies raising finance to expand their capabilities and create new jobs in Nigeria. It’s great to see these companies realise their goals with UK support.”
Business Communications Manager at Koolboks, Lolade Alonge, stated: “Manufacturing Africa’s financial advisory support when raising our ‘Series A’ came in very handy and has helped us secure funds that will assist with our expansion plans.”
The advisory services that #ManufacturingAfrica provided to these firms included financial analysis, modeling, commercial diligence analysis and strategic business planning.
To date, Manufacturing Africa has supported 31 Nigerian companies in their journey to raise investment, in sectors including agro-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy.
The programme has helped to attract $85 million into Nigeria’s manufacturing sector since 2020.
