- The Rockefeller Foundation and All On, a Nigerian off-grid energy impact investment company funded by Shell last week announced the launch of the All On Hub, a facility that will build the capabilities of off-grid entrepreneurs in the Nigerian energy sector.
- The Hub will be funded through a US3.5 million grant from The Rockefeller Foundation.
- The Hub will seek the best off-grid energy entrepreneurs at ideation, angel, growth, and market entry stages, and prepare and support them to scale their businesses.
- The goal is dent energy poverty which sees over 28 million households and 11 million Small and Medium Enterprises in Nigeria without access to reliable on-grid energy.
“The Nigerian energy market is at a unique juncture, with unprecedented political will and leadership, a vibrant and innovative group of entrepreneurs, and growing access to capital all coming together in what could be a pivotal moment,” said Ashvin Dayal, Senior Vice President of The Rockefeller Foundation’s Power Initiative.
“The All On Hub has the potential to significantly support the growing number of private sector actors to get to scale, and ensure the overall sustainability of the nascent, private off-grid energy sector,” Dayal said.
It is hoped that when these businesses succeed it will lead to new, reliable sources of energy for low-income households and small and medium enterprises, helping to close the energy access gap for some of the most vulnerable populations in Nigeria.
“We are excited to collaborate with the Rockefeller Foundation to establish the All On Hub because of its strong reputation for making a positive impact in communities across the world for more than a century,” said Wiebe Boer, chief executive officer of All On. “The establishment of the All On Hub will provide a facility and structure that will ensure we unearth and support the best energy entrepreneurs who will lead the private sector in our journey to provide clean, reliable, and affordable energy to transform the social-economic status of unserved and underserved communities together.”
Damilola Ogunbiyi, managing director and CEO of Nigeria’s Rural Electrification Agency (REA), said: “This collaboration between All On and The Rockefeller Foundation will create a pipeline of scalable, investable and sustainable energy businesses that will benefit from the enabling environment provided through the REA and accelerate access to energy, sparking long-term economic growth.”
Over the next three years, companies supported by the All On Hub are expected to provide thousands of new connections to low-income households and small and medium enterprises in Nigeria.
Author: Bryan Groenendaal