Energy
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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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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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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Dangote Refinery’s Petrol to Hit Nigerian Market Exclusively Through NNPC Starting September 15th
Economy Energy Market

Dangote Refinery’s Petrol to Hit Nigerian Market Exclusively Through NNPC Starting September 15th

Nigeria’s state-owned oil company, NNPC Limited, will begin distributing gasoline from the 650,000 barrels-per-day Dangote Refinery to the local market this Sunday, following the resolution of key disputes over offtake rights and pricing. This comes after the $20 billion refinery, constructed by Africa’s richest man, Aliko Dangote, began processing gasoline last week. Initially, distribution had […]

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Namibia Partners with Chinese Firms to Build Its Largest Solar Power Plant for $89 Million | Business Verge NG
Energy Partnerships

Namibia Partners with Chinese Firms to Build Its Largest Solar Power Plant for $89 Million

Namibia has taken a big step toward energy independence by partnering with two Chinese companies to build the country’s largest solar power plant. The project, worth $89 million (N$1.6 billion), will be constructed by China Jiangxi International Economic and Technical and Zhejiang Chint New Energy Development. Project Overview: The plant will be located in Rosh […]

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Economy Energy

Nigeria’s First Floating LNG Plant Set for Construction

Nigeria is taking a major step towards expanding its natural gas sector. UTM Offshore Ltd. has been granted a license to build the nation’s first-ever floating liquefied natural gas (LNG) facility, which is expected to produce 2.8 million metric tons per year.  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued the license, marking […]

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Economy

Yes, Nigeria’s $19 Billion Refinery is a Really Big Deal for 1.4 Billion Africans

In September 2013, Nigerian billionaire Aliko Dangote announced that he had secured about $3.3 billion in financing for the development of the “largest single-train refinery in the world”. Projected to cost $18.5 billion-plus, the mega-refinery was going to grow from the bustling heart of Nigeria’s economic landscape, redefine the nation’s energy landscape and extend its […]

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Energy

Eterna Plc Secures Official Distributorship of Dangote Petroleum Refinery Products in Nigeria

Eterna Plc has been named the official distributor for domestic sales of Dangote Petroleum Refinery products in Nigeria. This strategic move underscores Eterna’s commitment to bolstering product supply, marked by substantial investments in trucking through vehicle acquisitions and partnerships with third-party transportation providers. The appointment solidifies Eterna’s reputation for excellence and unwavering dedication to customer […]

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Career Moves

Eterna Plc Appoints Aliu Kamiyo as CFO to Drive Financial Excellence and Strategic Growth

Eterna Plc’s Board has officially appointed Mr. Aliu Kamiyo as the Chief Financial Officer (CFO), effective from January 16, 2024. The announcement follows the resignation of Mr. Abdukerimu Sule. Aliu Kamiyo, previously the Head of Finance at Eterna Plc since November 2020, now takes on the crucial role of CFO. Aliu Kamiyo brings a wealth […]

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