Winock Solar, a Nigerian solar branding and distribution company, has announced the acquisition of $1.6m in equity funding from Acumen Fund Inc. and All On Partnerships for Energy Access.
In a statement on Sunday by Winock Solar’s PR & Communications Officer, Elizabeth Adenipekun, it was noted that the investment aims to empower low-income earners and micro-businesses with affordable, clean energy solutions, marking a significant milestone in bridging Nigeria’s energy access gap.
The statement read, “Winock Solar, a leading Nigerian solar branding and distribution company focused on empowering micro-businesses with reliable energy solutions, has announced the successful acquisition of $1.6m in equity funding from Acumen Fund Inc., a non-profit impact investment fund based in the United States that supports social enterprises serving low-income communities, and All On Partnerships for Energy Access, an independent, off-grid energy impact investment company, seeded with funding from Shell with a special focus on improving energy access in the Niger Delta.”
According to the statement, the funding will support the rollout of innovative solar products, including a standalone 1-kilowatt solar system tailored to the needs of micro-businesses and underserved communities.
Also, Winock Solar plans to expand its operations across 10 Nigerian states, including the Niger Delta, enhancing access to off-grid energy solutions.
The CEO of Winock Solar, Sanmi Lajuwomi, expressed his excitement about the partnership, stating, “We are thrilled to partner with Acumen and All On as we work to provide essential, affordable energy solutions to low-income communities.
“This investment brings us closer to a future where all Nigerians, regardless of income level, can rely on sustainable energy solutions to power their businesses and improve their quality of life.”
Acumen’s Associate Director, Bowofade Elegbede, praised the company’s efforts to tackle energy challenges, while All On CEO, Caroline Eboumbou, reiterated their commitment to supporting enterprises that promote clean, inclusive energy solutions.
