CrossBoundary in $10m deal to scale energy access in Nigeria
CrossBoundary Access and Mobile Power have formed a $10 million partnership to deploy MOPO Hubs in Nigeria, providing energy access to approximately 300,000 people through innovative battery services. CrossBoundary Access has initially committed $2.25 million for the transaction, with the option to extend the investment. This partnership represents the first infrastructure financing approach to invest in battery-swapping technology in Africa.
MOPO Hubs, powered by solar energy, enable customers to access electricity without upfront costs using secure pay-per-use MOPO batteries distributed by local Mobile Power agents. The hubs are designed for rapid, cost-effective deployment within communities, creating jobs and expanding energy access to underserved areas.
CrossBoundary Access will finance the development and construction activities and will own the projects, while Mobile Power will ensure residents receive clean, reliable electricity. This partnership allows CrossBoundary Access to extend its infrastructure service range beyond the limits of traditional distribution infrastructure, enhancing energy access in Nigeria.
Points clés à retenir
Today, the world’s largest unelectrified population lives in Nigeria. Of the country’s 200+ million people, more than 90 million still lack any access to electricity. Low per capita electricity consumption (13% of the modern energy minimum threshold), dependence on mostly subsistence agriculture (70% of the population), high unemployment (35%), and underemployment (22%), all combine to create substantial development challenges. Expanding access to clean and reliable energy is among the most powerful available levers to quickly change the economic prospects of all Nigerians and investments in expanding off-grid energy solutions like MOPO Hubs are crucial to achieving this. Interestingly, the service represents an innovative use case for mobile agents in Africa outside of financial services.