MOPO Secures $75 Million Expansion in Nigeria
Sheffield, UK-based MOPO, a pay-as-you-go battery technology firm focused on Africa, has formalized a $75 million expansion deal with Nigeria, according to a recent Bloomberg report citing a company statement.
This partnership enables MOPO to work alongside the Rural Electrification Authority, the government entity dedicated to improving access for underserved populations. The pilot program, set to run until the end of the year, aims for completion by 2030.
MOPO stands as Africa’s largest battery rental service provider, utilizing off-grid solar energy systems paired with charging facilities to supply power via local distributors. Customers can rent batteries for various needs, including household and commercial uses. The company’s significant partners include Octopus Energy, Norway’s Norfund, and the International Finance Corporation.
Innovating Beyond Traditional Energy Solutions
Luke Blass, MOPO’s Chief Operating Officer, highlighted the company’s innovative approach to energy solutions. By offering battery rentals rather than requiring customers to purchase assets—common with residential solar systems—MOPO aims to alleviate many challenges associated with mini-grids and solar home systems. This model also helps investors avoid making substantial commitments based on uncertain future energy usage.
Nigeria’s Climate Change Initiatives Gain Momentum
The expansion agreement represents a significant stride for Nigeria, which grapples with the largest electricity access deficit in the world. The country’s dependence on noisy gasoline generators during frequent power outages complicates its clean energy transition efforts, further exacerbating the climate crisis.
Africa’s Growing Climate Technology Sector
MOPO’s commitment to Nigeria signals a growing interest in African climate technologies, which receive a disproportionately low share of global climate finance despite the continent’s minor contribution to overall greenhouse gas emissions. While Africa contributes only 2 to 4 percent to global emissions, it secures merely a tenth of the annual climate finance required for development.
Climate Technology Surpasses Fintech in Investment
Recent findings from the emerging markets-focused intelligence platform Briter indicate that climate technology has overtaken fintech as Africa’s leading sector for venture capital funding, as reported in the latest edition of ‘The State of Climate Technology in Africa.’ This marks a pivotal moment for the sector, suggesting its potential to draw global attention to the necessity for increased climate finance in the region.
Investment Trends in Climate Technology
Between 2016 and 2025, climate technology attracted approximately 22% of total venture funding across Africa. Notably, annual investment in this sector surged from 13% in 2016 to nearly 40% by 2025. The report detailed that climate tech companies raised around $6.35 billion from 779 entities, with annual funding escalating from $206 million in 2016 to over $1.5 billion in 2025.
Nigeria’s Position in Climate Investment
Nigeria ranks second, following Kenya, in attracting venture capital for climate technology, accounting for 12.9% of cumulative capital inflows to the sector from 2016 to 2025. Notably, MOPO reportedly rents more than 7.5 million batteries each year across six African nations, including Nigeria, the Democratic Republic of the Congo, Chad, Sierra Leone, Uganda, and Liberia.
