All On Invests $250,000 In ICE Solar To Expand Clean Energy Access For SMEs

All On, an impact investment company committed to increasing energy access for Nigeria’s underserved and off-grid communities, has announced a follow-on investment of $250,000 in ICE Solar Commercial Power Limited, a fast-growing provider of Energy-as-a-Service solutions for Small and Medium Enterprises (SMEs) across Nigeria.

This second round of funding builds on All On’s initial investment in 2021 and reflects the company’s continued confidence in ICE Solar’s scalable business model and impact-driven approach. The new capital will be used to expand ICE Solar’s deployment of intelligent solar and battery systems, enabling thousands of SMEs to transition from costly, polluting petrol generators to clean, reliable energy alternatives.

According to a 2021 SMEDAN MSME survey, Nigeria’s SME sector represents 96.9 per cent of all businesses, contributes 87.9 per cent of employment, and accounts for 46.3 per cent of GDP, yet many still face challenges with unreliable power supply, which hampers productivity and increases operational costs.
ICE Solar’s Energy-as-a-Service model offers a sustainable solution by providing affordable, pay-as-you-go solar energy tailored to the needs of small businesses.

The company’s technology-driven approach ensures efficient energy management, remote monitoring, and flexible payment options, making clean energy more accessible to entrepreneurs across the country.

Speaking at the signing ceremony, CEO of All On, Caroline Eboumbou said, “this follow-on investment in ICE Solar reflects our commitment to supporting indigenous companies that are delivering scalable clean energy solutions to underserved markets.

“We believe that SMEs are the backbone of Nigeria’s economy, and access to reliable energy is critical to their growth and resilience. ICE Solar’s innovative model contributes meaningfully to job creation, economic inclusion, and the broader energy transition.”

Founder and CEO of ICE Solar, Emmanuel Ekwueme added, “we are thrilled to welcome All On’s continued partnership and investment in ICE Solar.  This support reinforces our shared vision to accelerate clean, reliable energy access across Nigeria.

“With this new capital, we’re scaling our intelligent solar and battery solutions to help over 2,000 SMEs cut energy costs, displace thousands of petrol generators, and transition toward a low-carbon future.  This partnership marks an important milestone not just for ICE Solar’s growth, but for the broader renewable energy ecosystem driving Nigeria’s economic transformation.”

This investment strengthens All On’s portfolio of high-impact energy ventures and underscores its long-term strategy to catalyze inclusive growth through sustainable energy. By empowering SMEs with reliable power, the partnership between All On and ICE Solar is helping unlock economic potential, create jobs, and accelerate Nigeria’s transition to a low-carbon future.

All On Partnerships for Energy Access (All On), an independent impact investing company, was seeded by Shell to catalyze the growth of Nigeria’s off-grid energy market to provide affordable, reliable, and sustainable energy for low-income households and small businesses.

All On provides debt and equity funding, as well as non-financial support, to Nigerian energy companies that align with its mission of closing Nigeria’s access-to-energy gap through renewable energy solutions.