Shell-funded impact investment company, All On is pleased to announce a $500k investment in Koolboks, an innovative refrigeration solutions company that provides affordable cooling services to small businesses and households, with a social impact focus on increasing income and job opportunities for women.
“Koolboks is particularly thrilled to close this deal that will ensure the scaling up of our business operations. We believe that depending on sustainable energy can help people earn a living and feed their family”, said CEO Ayoola Dominic. “It is a win for small businesses, a win for us, and a win for the planet at large.”
Koolboks uses pay-as-you-go solar freezers to provide cold storage for perishables and beverages to productive-use customers such as fish sellers and neighbourhood stores in urban, peri-urban, and rural areas where grid access is limited, and cooling costs are high.
Access to affordable, energy-efficient off-grid products like solar freezers is critical in assisting low-income consumers, particularly women, in climbing the energy ladder and promoting economic activity. This investment enables All On to tap into the significant market potential available in the decentralized segment of the solar-powered cold storage market.
“Koolboks is a fast growing company and their products are currently sold in Nigeria and ten other African markets. This deal supports the company’s Nigeria expansion in the distribution of solar powered cold storage units.” said All On CEO, Dr. Wiebe Boer. “It aligns with All On’s strategic goal to support the deployment of off-grid energy alternatives for productive use.”
Koolboks completed a commercial pilot study in 2020 to assess consumer reaction to its flagship product, the KoolHome solar freezer. This investment would provide much-needed financing to help speed up the deployment of KoolHome units in key areas in the Niger Delta, Southwest, including the Federal Capital Territory and its environs.