Energy
Nairobi's Sistema.bio Secures $15M to Expand Clean Energy for Farmers
Energy Funding

Nairobi’s Sistema.bio Secures $15M to Expand Clean Energy for Farmers

Sistema.bio, a company focused on providing renewable energy to smallholder farmers, has raised $15 million in new funding to help grow its business. The funds will allow the company to expand into more markets and improve the clean energy solutions it offers to farmers around the world. This round of funding was led by ElectriFI, […]

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In a huge win for Nigeria's small business community, Earthbond, a local startup, just raised $200,000 in pre-seed funding. The company, founded in 2023 by Chidalu Onyenso, is on a mission to help small and medium-sized businesses (SMBs) transition to solar power — and with this new funding from Madica, an Africa-focused investment firm, they’re ready to help even more. Earthbond has already done a lot. They’ve assessed the solar power needs of over 100 businesses in Lagos alone, and with deals potentially worth $1 million in the works, the demand for solar power is clear. Even more impressive, over 1,800 SMBs have joined Earthbond’s waitlist, eager to make the switch as fuel prices continue to climb. A Simple Way to Switch to Solar So, how does Earthbond work? It’s pretty straightforward. Business owners simply need to fill out a form on the company’s website, providing basic information about their energy needs and operating hours. Earthbond then connects them with solar panel installers and offers flexible financing options. In fact, Earthbond has partnered with four microfinance banks to offer repayment plans of up to 48 months. That means small businesses can get the clean energy they need without the massive upfront costs. “Leading the charge of energy transition is no easy feat,” said Chidalu Onyenso, CEO of Earthbond, “and we’re glad to have investors like Madica who share our passion and vision.” Why Solar Matters for Small Businesses In Nigeria, small businesses face a major challenge: keeping the lights on. With unreliable power supplies and the high costs of diesel and petrol generators, many are struggling to keep operations running smoothly. Solar power is a clean, reliable alternative — but until now, the high installation costs have kept many businesses from adopting it. That’s where Earthbond comes in. By offering flexible payment options and connecting businesses with solar providers, they’re helping more and more companies make the switch to clean energy — without breaking the bank. Earthbond’s plans don’t stop there. The startup is also looking at ways to help businesses track their carbon emissions, with plans to offer discounts based on how much carbon they save. This could be a game changer, not only for the environment but for the businesses themselves, who can save money while going green. As Nigeria works towards increasing its solar capacity, Earthbond is entering a market already served by established players like Rensource Energy and M-KOPA. But with this new funding and a unique approach to financing, Earthbond is ready to make its mark. Madica, the investment firm behind the funding, is eager to help. “Earthbond has tremendous potential to drive an equitable clean energy future and positively impact Africa,” said Emmanuel Adegboye, head of Madica. For small business owners looking for a reliable, affordable alternative to diesel and petrol generators, Earthbond offers a way forward. Their flexible financing options and easy-to-use platform make it simple to figure out how much solar power your business needs — and how to get it, without the massive upfront cost.
Economy Energy

Terra Firma’s R1.3 Billion Solar Project to Cut South Africa’s Rising Electricity Costs

Terra Firma, a leading South African renewable energy company, has unveiled plans for a groundbreaking R1.3 billion ($73.8 million) solar energy project, designed to help alleviate the financial strain of escalating electricity costs in South Africa. As the country faces a mounting electricity crisis and the potential for Eskom’s tariffs to rise by as much […]

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NNPC and Partners, Total, Shell and Agip, Finalise Major Gas Supply Deal for Nigeria's $3.3 Billion Brass Methanol Project
Energy Partnerships

NNPC and Partners, Total, Shell and Agip, Finalise Major Gas Supply Deal for Nigeria’s $3.3 Billion Brass Methanol Project

The Nigerian National Petroleum Corporation (NNPC) Limited, in partnership with Shell, TotalEnergies, and Agip, has signed a groundbreaking gas sales and purchase agreement with Brass Fertilizer & Petrochemical Company Ltd. This agreement marks a major milestone in Nigeria’s ongoing efforts to monetize its vast gas reserves and diversify its energy sector. The deal, finalised in […]

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Nigeria’s Oil Production to Surge with FPSO Project, Minister Lokpobiri Reports
Economy Energy

Nigeria’s Oil Production to Surge with FPSO Project, Minister Lokpobiri Reports

As Nigeria intensifies efforts to revitalise its oil industry, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has lauded the ongoing development of the Floating Production Storage and Offloading (FPSO) facility in Lagos. The project, a collaborative venture between the Nigerian National Petroleum Company Limited (NNPCL), Century Nigeria Limited, West African Exploration […]

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Stanbic IBTC and NSACC Urge Stronger Nigeria-South Africa Collaboration on Energy Transition
Energy Partnerships

Stanbic IBTC and NSACC Urge Stronger Nigeria-South Africa Collaboration on Energy Transition

In a strategic push for sustainable energy solutions across the African continent, Stanbic IBTC Bank Plc and the Nigeria South Africa Chamber of Commerce (NSACC) have emphasised the need for stronger collaboration. This call came during a high-level dialogue last week in Lagos, where business executives from Nigeria and South Africa gathered to discuss the […]

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NNPC and Partners, Total, Shell and Agip, Finalise Major Gas Supply Deal for Nigeria's $3.3 Billion Brass Methanol Project
Economy Energy

Decline in NNPC Dividends to Federation Account After Petroleum Industry Act Implementation

Dividends from the Nigerian National Petroleum Company (NNPC) Limited to the federation account have dropped significantly following the full implementation of the Petroleum Industry Act (PIA), with crude oil and gas sales earnings through joint venture (JV) assets plummeting from $11.9 billion to $1.83 billion. This sharp decline was revealed in the Agora Policy Report, […]

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Nigeria’s $750M World Bank Distributed Renewable Energy Project Aims to Power 17.5 Million Citizens
Economy Energy

Nigeria’s $750M World Bank Distributed Renewable Energy Project Aims to Power 17.5 Million Citizens

The Rural Electrification Agency (REA) has announced the launch of a new rural electricity project, set to begin next month, with the financial backing of the World Bank. The project, valued at $750 million, aims to provide electricity to 17.5 million Nigerians, primarily in underserved rural areas, through the use of renewable energy solutions. The […]

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Oando Becomes Nigeria's First Indigenous International Oil Company as its Valuation Hits $4 Billion
Energy Market

Oando Becomes Nigeria’s First Indigenous International Oil Company as its Valuation Hits $4 Billion

Oando Plc, a trailblazer in the Nigerian oil and gas industry, has now attained the prestigious status of Nigeria’s first indigenous International Oil Company (IOC) following its operations outside the shores of Nigeria, particularly in the Sao Tome and Principe Exclusive Economic Zone (EEZ). This monumental achievement is a testament to the dedication and vision […]

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Shell Appoints Ronald Adams as New Managing Director of Deep-Water Subsidiary in Nigeria
Economy Energy

Shell Appoints Ronald Adams as New Managing Director of Deep-Water Subsidiary in Nigeria

Shell Nigeria Exploration and Production Company Limited (SNEPCo), the deep-water subsidiary of Shell in Nigeria, has announced the appointment of Ronald Adams as its new Managing Director. This was disclosed in an official statement released by Gladys Afam-Anadu, Shell Nigeria’s Media Relations Manager, on Tuesday. Adams, who previously served as Chief Executive Officer of Atlantic […]

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Federal Government CNG Initiative of Distributing 2,000 Tricycles for Nigerian Youths to Launch on October 1st
Energy Sectors

Federal Government CNG Initiative of Distributing 2,000 Tricycles for Nigerian Youths to Launch on October 1st

Starting October 1, 2024, the Federal Government, through the Presidential Compressed Natural Gas Initiative (PCNGi), will begin distributing 2,000 Compressed Natural Gas (CNG)-powered tricycles to young Nigerians in the transportation sector across the country. This initiative is part of the government’s strategy to promote more affordable and eco-friendly transportation solutions. The PCNGi announced the program […]

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