CrossBoundary Access, Africa’s first blended finance platform for mini-grids, and Mobile Power’s $10 million agreement to build MOPO Hubs in Nigeria would power 300,000 people with new battery services. The transaction’s $2.25 million from CrossBoundary Access might reach $10 million.
Solar power revolutionized electricity production. MOPO batteries, technology, and software are changing power distribution. Mobile Power may deploy its technology faster in Nigeria with this collaboration. CrossBoundary Access uses MOPO Hubs to install its mini-grid portfolio faster and cheaper and go beyond poles and wires.
Mobile Power will supply residents with clean, steady electricity for years, while CrossBoundary Access will finance and own the projects.
Through safe pay-per-use MOPO batteries delivered by local Mobile Power agents, solar-powered MOPO Hubs provide energy without upfront expenses or consumer debt.
A typical MOPO Hub employs four local men and women full-time. Installing MOPO Hubs in communities without cabling is quick and straightforward. CrossBoundary Access can optimize future mini-grid deployments and connections with its low-cost connecting method and usage data collecting. CrossBoundary Access and Mobile Power strive to help new clients get energy and socioeconomic opportunities.
Cross-Boundary Access received Foley Hoag LLP advice. Knights PLC recommended MobilePower.
Read also: CrossBoundary Energy secures $50 million for energy solutions across Africa
Stakeholder comments
CrossBoundary Access Associate Director and transaction lead Lynne Wesonga adds, “This transaction shows the impact of innovative financing and technology. Using capital more efficiently, CrossBoundary Access can give electricity to more people faster. Our agreement with Mobile Power is another step toward electrifying 600 million Africans.”
According to Mobile Power CEO Chris Longbottom, this contract marks a turning point for energy infrastructure investment on the continent. A new journey is underway with mobile power and cross-border access, implementing scalable real-life solutions to previously intractable infrastructure problems. This purchase validates our innovative energy access strategy.”
According to CrossBoundary Access’ Managing Director and co-founder Gabriel Davies, “This is the future grid.” Batteries deliver electricity, the most significant power industry shift since the transformer. Poles and cables are still the most excellent way to supply large energy clients with massive power. MOPO’s battery switching technology matches client distribution capex.
According to Mobile Power CFO Michiel Bakker, “This partnership is a huge step forward for us in our mission to deploy significant investment capital into affordable, reliable, and sustainable energy solutions to improve economic productivity in communities across Africa. Thanks to this agreement, we can connect millions more households in the next few years.”
About CrossBoundary Access
Africa’s first mini-grid hybrid financing platform is CrossBoundary Access. Microgrids providing 24/7 grid-quality power for rural African households and businesses are funded through CrossBoundary Access’ innovative blended finance method.
ARCH Emerging Markets Partners Limited, Bank of America, and the Microsoft Climate Innovation Fund invested $25 million in CrossBoundary Access in June 2022. AfDB’s Sustainable Energy Fund for Africa gave the platform $10 million in September 2023.
CrossBoundary Access will raise and deploy $150 million in blended project finance over three years to power one million Africans with clean energy. CrossBoundary Group includes CrossBoundary Access.
Cameroonian fintech, Koree, wins Ecobank 6th Fintech Challenge
About MobilePower
Growth firm Mobile Power offers economical and practical electricity infrastructure throughout Africa. Their various-sized MOPO batteries offer energy-as-a-service to many African consumers. MOPOMax is for AC appliances, companies, and mobility, while MOPO50 is for phone charging, illumination, and other small appliances.
MOPO Batteries only discharge energy after agent payment via the MOPO App. MOPO Agents distribute MOPO Batteries from Mobile Power’s increasing network of solar-powered hubs, which are conveniently positioned in the community and provide the energy infrastructure needed for economies to thrive.
