Lagos-based renewable energy company Auxano has raised US$1.5 million (more than 571 million Nigerian Naira) from All On, a Shell-backed investment company.
Besides the manufacturing of solar PV modules, Auxano Solar is also involved in the design, installation and sales of solar power systems and components such as inverters, batteries, charge, and controllers.
The funding will enable Auxano Solar to expand its footprint in Nigeria, including the sale and distribution of renewable energy components such as hybrid inverters and charge controllers, in a context of increasing electricity shortages. In addition, the fresh capital will enable the company to offer after-sales installation, management, and maintenance services for renewable energy solutions to its customers.
“The new financing is expected to enable Auxano Solar to increase the production capacity of its solar panel assembly plant by more than 50 percent over the next five years,” said Afolabi Akinrogunde, All On’s program, and investment manager
Aside from the capital injection, All On will assist Auxano Solar with development support, including functional and innovation support through its All On Hub.