To launch Mobile Power’s MOPO Hubs in Nigeria, CrossBoundary Access and Mobile Power have established an important partnership worth $10 million.
Through an innovative battery solution, the initiative aims to give 300,000 people access to renewable energy. CrossBoundary Access has made a $2.25 million initial commitment to this collaboration and has the option to increase it to $10 million.
Mobile Power will make sure that households receive dependable, clean electricity while CrossBoundary Access will be in charge of the project’s financing, development, and ownership. Utilizing safe pay-per-use MOPO batteries provided by nearby Mobile Power agents, MOPO Hubs, which are solar-powered, allow users to obtain energy without incurring upfront fees.
CrossBoundary Access is the top financial platform for mini-grids in Africa. It uses innovative financing to give rural African homes and businesses grid-quality energy. Over the next three years, the platform hopes to provide sustainable energy to one million people in Africa. It has attracted significant funding over time.
The significance of fusing innovative funding with technology was emphasized by Lynne Wesonga, Associate Director and transaction lead at CrossBoundary Access, who also emphasized the possibility of bringing electricity to a larger population.
Additionally, each MOPO Hub offers residents the chance to work, benefiting both men and women. CrossBoundary Access can optimize the placement of future mini-grid sites and connections thanks to the cost-effective deployment approach and data collection capabilities, which eventually improve socioeconomic opportunities and increase access to electricity.
The production of power has been transformed by solar energy, and the distribution of electricity is about to undergo a similar change thanks to MOPO Batteries and the technology and software that go with them. This collaboration speeds up the introduction of Mobile Power’s technology in Nigeria.
At the same time, MOPO Hubs for CrossBoundary Access add to their current mini-grid portfolio and provide a quicker and more affordable alternative to traditional distribution infrastructure.
According to Chris Longbottom, CEO of Mobile Power, this collaboration marks a turning point in the development of the continent’s energy infrastructure by providing scalable answers to previously complex problems.
A key shift in the power industry, according to CrossBoundary Access’s managing director and co-founder Gabriel Davies, is represented by battery-based electricity distribution, which enables greater alignment of distribution costs with consumer needs.
To increase economic productivity in African communities, Michiel Bakker, CFO of Mobile Power, sees this relationship as a significant step toward directing investor resources into cost-effective, dependable, and sustainable energy solutions.