Agency secures $1.6m fairness funding to spice up power entry

Winock Photo voltaic, a Nigerian photo voltaic branding and distribution firm, has introduced the acquisition of $1.6m in fairness funding from Acumen Fund Inc. and All On Partnerships for Power Entry.

In a press release on Sunday by Winock Photo voltaic’s PR & Communications Officer, Elizabeth Adenipekun, it was famous that the funding goals to empower low-income earners and micro-businesses with reasonably priced, clear power options, marking a big milestone in bridging Nigeria’s power entry hole.

The assertion learn, “Winock Photo voltaic, a number one Nigerian photo voltaic branding and distribution firm targeted on empowering micro-businesses with dependable power options, has introduced the profitable acquisition of $1.6m in fairness funding from Acumen Fund Inc., a non-profit affect funding fund based mostly in america that helps social enterprises serving low-income communities, and All On Partnerships for Power Entry, an impartial, off-grid power affect funding firm, seeded with funding from Shell with a particular concentrate on bettering power entry within the Niger Delta.”

In line with the assertion, the funding will assist the rollout of progressive photo voltaic merchandise, together with a standalone 1-kilowatt photo voltaic system tailor-made to the wants of micro-businesses and underserved communities.

Additionally, Winock Photo voltaic plans to increase its operations throughout 10 Nigerian states, together with the Niger Delta, enhancing entry to off-grid power options.

The CEO of Winock Photo voltaic, Sanmi Lajuwomi, expressed his pleasure in regards to the partnership, stating, “We’re thrilled to companion with Acumen and All On as we work to offer important, reasonably priced power options to low-income communities.

“This funding brings us nearer to a future the place all Nigerians, no matter revenue stage, can depend on sustainable power options to energy their companies and enhance their high quality of life.”

Acumen’s Affiliate Director, Bowofade Elegbede, praised the corporate’s efforts to deal with power challenges, whereas All On CEO, Caroline Eboumbou, reiterated their dedication to supporting enterprises that promote clear, inclusive power options.