Lagos, Nigeria – All On, the Nigerian off-grid energy impact investing company backed by Shell, has announced a new follow-on investment of US$250,000 in ICE Commercial Power Limited (ICE Solar), a fast-growing indigenous provider of intelligent solar and battery systems. The funding is aimed at accelerating the deployment of affordable, reliable, and clean energy solutions to thousands of Small and Medium Enterprises (SMEs) across the country, helping them break free from the crippling cost and pollution of petrol generators.
This latest capital injection builds directly on All On’s initial investment in ICE Solar in 2021 and underscores the investor’s confidence in the company’s innovative Energy-as-a-Service (EaaS) model, which has already demonstrated strong traction in the market.
In a statement signed by All On’s Chief Executive Officer, Caroline Eboumbou, the organisation reiterated its mission to back home-grown companies that are solving Nigeria’s chronic energy access challenge at scale.
“This follow-on investment in ICE Solar reflects our commitment to supporting indigenous companies that are delivering scalable clean energy solutions to underserved markets,” Eboumbou said. “We believe that SMEs are the backbone of Nigeria’s economy, and access to reliable energy is critical to their growth and resilience. ICE Solar’s innovative model contributes meaningfully to job creation, economic inclusion, and the broader energy transition in the country.”
For ICE Solar, the new funding represents both validation and rocket fuel for its ambitious expansion plans. The company’s CEO welcomed the continued partnership, emphasising the transformative potential of the capital.
“We’re thrilled to welcome All On’s continued partnership and investment in ICE Solar,” the CEO stated. “This support reinforces our shared vision to accelerate clean, reliable energy access across Nigeria. With this new capital, we’re scaling our intelligent solar and battery solutions to help over 2,000 SMEs cut energy costs, displace thousands of petrol generators, and transition toward a low-carbon future.”
He added: “This partnership marks an important milestone not just for ICE Solar’s growth, but for the broader renewable energy ecosystem driving Nigeria’s economic transformation.”
The fresh funds will be deployed specifically to expand the rollout of ICE Solar’s interconnected solar-plus-storage systems, which are designed from the ground up for commercial and industrial users. These “intelligent” systems incorporate remote digital monitoring, predictive maintenance, and flexible pay-as-you-go or lease-to-own financing options—features that make clean energy both technically reliable and financially accessible to businesses that have long been held hostage by erratic grid power and skyrocketing diesel prices.
The macroeconomic context makes the timing of this investment particularly significant. According to the 2021 National Survey by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics, SMEs account for a staggering 96.9 per cent of all businesses in Nigeria and contribute roughly 50 per cent of GDP while employing over 84 per cent of the workforce. Yet the vast majority of these enterprises cite unreliable electricity as their single biggest operational constraint.
Running petrol or diesel generators has become an expensive and environmentally damaging necessity for most SMEs. Many spend between 20–40 per cent of their operating expenses on fuel alone, while inhaling toxic fumes and contributing to Nigeria’s already severe air pollution and carbon footprint. ICE Solar’s model directly attacks this vicious cycle by offering power at a lower effective cost per kilowatt-hour than generator fuel, with zero upfront capital expenditure for the customer and the ability to scale usage as the business grows.
Industry analysts have praised the Energy-as-a-Service approach as one of the most promising pathways to large-scale off-grid renewable adoption in sub-Saharan Africa. By removing the barriers of high capex, technical complexity, and maintenance headaches, companies like ICE Solar are effectively democratising access to modern energy in a way that traditional grid extension or standalone solar home systems cannot achieve for the commercial segment.
Beyond the immediate commercial impact, the investment aligns closely with All On’s broader mandate—established when it was seeded with a $40 million commitment from Shell in 2017—to catalyse Nigeria’s off-grid energy market and drive inclusive economic growth. Since inception, All On has invested in more than 30 companies, mobilised over $100 million in additional capital, and facilitated connections for hundreds of thousands of households and businesses. This latest deal with ICE Solar adds another important brick to that foundation.
Perhaps most crucially, the partnership sends a strong signal to other investors and entrepreneurs that the Nigerian off-grid commercial and industrial (C&I) solar segment is maturing rapidly. With a proven local champion in ICE Solar, a committed anchor investor in All On, and a financing model that derisks adoption for end-users, the ingredients are in place for a potential explosion in clean energy deployments over the next three to five years.
As Nigeria grapples with climate change, foreign-exchange shortages that make imported fossil fuels ever more expensive, and a youth population hungry for economic opportunity, initiatives that replace polluting generators with solar and storage are about far more than balance sheets. They represent a tangible step toward energy independence, environmental sustainability, and the kind of resilient economic base the country urgently needs.
With this $250,000 follow-on round, All On and ICE Solar have reaffirmed their determination to lead that transformation—one SME rooftop at a time. If the ambitious target of reaching over 2,000 additional businesses materialises, the ripple effects on jobs, productivity, public health, and greenhouse gas emissions could be profound, offering a scalable blueprint for the rest of Africa and indeed the developing world.
