$3.5 million grant from The Rockefeller Foundation will fund establishment of support facility for energy entrepreneurs in Nigeria
All On Hub will create a pipeline of scalable, investable and sustainable off-grid energy businesses in Nigeria
Supported companies expected to provide thousands of new connections to low-income households and small and medium enterprises in Nigeria over next 3 years
LAGOS, Nigeria, Dec. 4, 2019 /PRNewswire/ -- The Rockefeller Foundation and All On, a Nigerian off-grid energy impact investment company funded by Shell, today 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 is being funded through a $3.5 million grant from The Rockefeller Foundation, a data, science and innovation-driven philanthropy focused on ending energy poverty and improving livelihoods by accelerating the expansion of affordable, reliable and sustainable electricity.
Despite being home to the largest economy and population in Africa, 28 million households and 11 million Small and Medium Enterprises in Nigeria do not have access to reliable on-grid energy. In this context, off-grid clean energy represents a viable electrification solution that can empower local communities, is tailored to local needs and conditions, is rapidly scalable and environmentally sustainable.
"The Nigerian energy market is at a unique juncture, with unprecedented political will, 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 can support the growing number of companies to ensure their overall sustainability and success in what remains a nascent off-grid energy sector."
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. Successful businesses 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 Dr. 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.
About All On
All On, an independent impact investing company, was seeded with funding from Shell, and works with partners to increase access to commercial energy products and services for unserved and underserved off-grid energy markets in Nigeria, with a special focus on the Niger Delta. All On invests in off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies deployed by both foreign and local access-to-energy companies that complement available grid power across Nigeria and help bridge the significant energy gap.
To learn more, please visit www.all-on.com
About The Rockefeller Foundation
The Rockefeller Foundation advances new frontiers of science, data and innovation to solve global challenges related to health, food, power and economic mobility. As a science-driven philanthropy focused on building collaborative relationships with partners and grantees, the Foundation seeks to inspire and foster large-scale human impact that promotes the well-being of humanity throughout the world by identifying and accelerating breakthrough solutions, ideas and conversations. For more information, visit rockefellerfoundation.org
SOURCE The Rockefeller Foundation