All On Boosts ICE Solar with $250,000 Investment to Power Nigerian SMEs

All On, an investment company dedicated to improving energy access in Nigeria’s underserved and off-grid communities, has announced a follow-on investment of $250,000 in ICE Solar Commercial Power Limited, a rapidly growing provider of Energy-as-a-Service solutions for small and medium-sized enterprises (SMEs) nationwide.

The additional funding builds on All On’s initial investment in 2021 and underscores its confidence in ICE Solar’s scalable business model and impact-driven strategy. The new capital will enable the company to deploy more intelligent solar and battery systems, helping thousands of SMEs transition from expensive, polluting petrol generators to clean, reliable power.

According to a 2021 SMEDAN MSME survey, Nigeria’s SME sector accounts for 96.9% of all businesses, provides 87.9% of employment, and contributes 46.3% of GDP. Yet many SMEs still struggle with unreliable electricity, which reduces productivity and increases operational costs. ICE Solar’s Energy-as-a-Service model addresses these challenges by offering affordable, pay-as-you-go solar solutions tailored to small business needs.

ICE Solar’s technology-driven approach combines efficient energy management, remote monitoring, and flexible payment options, making clean energy more accessible to entrepreneurs across Nigeria.

Speaking at the signing ceremony, All On CEO Caroline Eboumbou said, “This follow-on investment reflects our commitment to supporting indigenous companies delivering scalable clean energy solutions to underserved markets. SMEs are the backbone of Nigeria’s economy, and access to reliable power is critical to their growth and resilience. ICE Solar’s innovative model contributes meaningfully to job creation, economic inclusion, and the broader energy transition.”

ICE Solar CEO Emmanuel Ekwueme added, “We’re thrilled to continue our partnership with All On. This investment allows us to scale our intelligent solar and battery solutions to help over 2,000 SMEs reduce energy costs, retire thousands of petrol generators, and move towards a low-carbon future. This marks a key milestone for ICE Solar and the renewable energy ecosystem driving Nigeria’s economic transformation.”

The investment further strengthens All On’s portfolio of high-impact energy ventures and highlights its long-term strategy to catalyse inclusive growth through sustainable energy, supporting economic empowerment, job creation, and Nigeria’s transition to a low-carbon economy.