$500k boost for pay-as-you-go solar freezer

NIGERIA: Koolboks, a company offering pay-as-you-go solar-powered refrigeration systems to business owners in off-grid areas, has received a $500k investment from shell-funded impact investment company All On.

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 areas where grid access is limited, and cooling costs are high.

“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. 

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.

The KoolHome freezer employs roof-mounted solar panels with a lithium battery and ice storage. Using 10cm thick insulation, it can keep food fresh for up to four days even without full sunlight or a reliable mains power supply.

Koolboks CEO Ayoola Dominic said: “We believe that depending on sustainable energy can help people earn a living and feed their family. It is a win for small businesses, a win for us, and a win for the planet at large.”