Shell-funded impact investment company, All On in partnership with the Nigeria Climate Innovation Centre (NCIC) has awarded a $80,000 (about N36 million at N450/$) grant to eight clean energy start-ups.
The winners of the 2022 edition of the annual ideation incubation program include Retile, Powerbox Energy Systems, Danwawo Group LTD, Energy Assured, Solaris GreenTech Hub, Nutriden Agriculture Concept, Letcold Nigeria LTD, Swift Tranzact.
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The demo day event held in Lagos was organized by NCIC with the support of ‘All On’ via its technical support facility, the Rockefeller Foundation.
It gave each participant the opportunity to pitch their business ideas to a seasoned panel of industry experts for a chance to receive an equity-free grant of $10,000.
The CEO of NCIC, Mr Bankole Oloruntoba, reflected on the journey of the Embryo Incubation Programme, noting that 50 ideation stage businesses have gone through it with 16 receiving $160,000 grant.
For the third cohort which started in May 2022, there were 290 applications and 18 ventures were shortlisted and completed the six-month programme by NCIC.
All On’s CEO, Caroline Eboumbou, congratulated the participants and commended them for their dedication to supporting the clean energy transition with their bold ideas.
She said, “The shared vision of All On and NCIC has been to groom early-stage clean energy entrepreneurs, providing them with the key ingredients to enable their dreams of impacting unserved communities a reality.”
A recipient of the $10,000 grant and co-founder of Let It Cold, Zainab Abdulwaheed, said: “My business has benefited from my participation in the incubation programme over the last six months and we have improved our understanding of how a business operates.”