Solar energy start-up Oolu raises $8.5mn in series B round

West Africa-based solar pay-as-you-go distributor, Oolu, has recently closed a successful Series B funding round, securing $8.5 million with RP Global as the lead investor, All On and Persistent Energy also participating. The company's Managing Director for Nigeria, Doseke Akporiaye, provided insight into the funding and discussed the potential for Nigeria to harness its solar energy capacity. Akporiaye highlighted the purpose of the funding, which will not only support the Nigerian entity but also the broader group's operations. The focus is to sustain current inventory levels, cater to higher-capacity product demands, and drive organizational growth objectives. By addressing existing market gaps, Oolu aims to continue delivering clean energy solutions to its Nigerian customers. In a region like Nigeria with vast untapped potential in the solar energy sector, strategic planning is crucial for the success of companies like Oolu. Akporiaye emphasized the need for more efforts to electrify off-grid populations and the necessity to explore various opportunities within the solar home system (SHS) value chain. By engaging SMEs and local entrepreneurs, there is a prospect to enhance product accessibility at competitive prices, especially for underserved communities. Akporiaye pointed out that renewable energy solutions could serve as an interim measure to bridge the infrastructure gap until Nigeria develops its own manufacturing capabilities in the sector. When it comes to consumer adoption of solar energy in Nigeria, concerns around partner quality, durability, and pricing have been prevalent. Oolu has been innovative in addressing these challenges by increasing awareness among Nigerian customers and ensuring product reliability. By customizing solutions to meet local needs and cultivating trust through effective communication, Oolu has witnessed considerable adoption rates in the country. As the nation grapples with prevalent energy access issues, Oolu's endeavors align with the broader goal of providing sustainable energy alternatives and supporting economic growth.