General News
Koolboks Closes $2.5M Seed Round to Scale Solar Refrigeration Across Africa
Koolboks, the sustainable cooling company providing accessible cold storage solutions to businesses across Africa, has closed a $2.5M Seed funding round, led by Aruwa Capital Management and with participation from Acumen, Blue Earth Capital, All On, GSMA and other investors.
This brings the company’s total investment to-date to $3.5M. Koolboks will deploy the capital to scale its expansion across Nigeria, including building its team to support its growing B2C business and construction of a local assembly facility in the country. The company also opened an affiliate office in Kenya in July, 2022.
Founded in 2018 in France, Koolboks, combines Africa’s abundant supply of the sun with water to create a solution that is able to generate refrigeration for up to four days in the absence of power and sunlight.
Through efficiently harnessing natural resources, Koolboks has made it affordable to access continuous refrigeration by integrating a pay-as-you-go technology that enables individuals and small businesses to pay as low as 10 dollars a month to own an offgrid solar refrigerator.
The Koolboks unit works as a refrigerator, freezer, or lighting for households and shops. It also comes with 2 LED lighting bulbs and USB ports for charging mobile phones – making the product invaluable to users in off-grid areas. Koolboks currently sells across 16 countries, 13 of them in sub-Saharan Africa*.
Koolboks hopes to help reduce food waste and GHG (greenhouse gas) emissions drastically.
The company’s ice thermal refrigeration technology reduces CO2 emissions, displacing the use of diesel, and by incorporating R600a, an environmentally friendly refrigerant.
The off-grid refrigeration market is worth $4.4 billion, and is growing at a rate of 7%, according to the Efficiency for Access Coalition. With 770 million people across SSA lacking proper access to electricity, and only 17% having access to refrigeration, Koolboks is striving to close the gap in equitable access to clean, readily available energy.
Commenting on the opportunity to empower more small businesses with access to affordable cold storage solutions, Ayoola Dominic, CEO of Kooboks said, “Poor energy access, high costs of buying and running generators, and the relatively high cost of cooling prevent many African businesses and households from accessing refrigeration when it’s most critically needed.
“We believe that people can make their livelihoods and feed their families by relying on energy from natural resources – energy from the sun, wind and water that are abundant around us. It’s a win for the people, a win for us, a win for our investors and a win for the planet.
“We are excited to work with some of the world’s leading impact investors as we focus on empowering many more users across more countries in Africa and globally. Importantly for us, we are also appreciative to partner with local impact investors such as Aruwa Capital Management, who understand the demand and market dynamics, having operated across the continent for many years; their experience and network will be invaluable to us as we scale.”
Adesuwa Okunbo Rhodes, Founder at Aruwa Capital Management added, “We have been impressed with Koolboks’s innovative solution which goes far beyond food waste reduction – the team’s laser focus on ensuring clean renewable energy in off-grid areas is crucial to the survival of many small businesses and sectors as well as fostering economic gender equality.
“Equitable access to clean and reliable energy is key to closing the gender economic gap across rural areas and we are excited to see Koolboks’ expansion continue to make economic equity a reality for millions more women across Africa.”
Millions of people in Africa and other emerging markets experience unreliable power access daily with the national power grid supply being erratic and inconsistent to both rural and urban households and businesses.
For some, it is often difficult to conduct and operate activities to earn a living with most turning to small-scale, toxic diesel-fueled generators to provide electricity. Koolboks is striving to enable nations to meet the Sustainable Development Goal 7 and empower businesses across a range of sectors including healthcare, food, hospitality and medicine with its innovative cold storage solutions.
Nigeria Customs Service (NCS) is set to introduce an electronic declaration system to streamline and enhance compliance for travelers carrying cash into or out of Nigeria.
Speaking in an interview with the News Agency of Nigeria (NAN) in Abuja, Abdullahi Maiwada, NCS spokesperson, emphasized that the initiative aligns with efforts to strengthen Nigeria’s anti-money laundering framework and reinforce financial regulations.
“The Nigeria Customs Service (NCS) has announced the deployment of an Electronic-Currency (E-Currency) declaration form as part of its anti-money laundering measures for travelers carrying cash into and out of Nigeria,” NAN reported. The system will require travelers carrying amounts exceeding the legal threshold to declare them before arrival or departure.
Maiwada further explained the process, stating, “We have developed a system where, even before leaving your point of origin, you can scan a QR code, access the form, fill it out, and we will be able to see it from here.”
He noted that the initiative, set for rollout soon, will enhance monitoring and facilitate information sharing with relevant authorities.
Under the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023, travelers carrying over $10,000 (about N15.4 million) or its equivalent in negotiable instruments must declare the funds to Customs authorities.
To boost awareness, the NCS is working with airline operators to inform travelers through onboard announcements and plans to reinstate signage at airports and border points in English and French.
The move comes as part of broader efforts to tighten financial controls following a recent case at the Murtala Muhammed International Airport (MMIA), where Customs officials seized $578,000 from a passenger attempting to evade currency declaration regulations.
General News
Aquaterra Energy Secures Multi-million-dollar well Intervention Contract with Intrepid Energy in Nigeria
Aquaterra Energy, a leader in offshore engineering solutions, has secured a multi-million-dollar, multi-year contract with Intrepid Energy Limited (IEL) to deliver a bespoke subsea well intervention equipment package for a project in Nigeria.
Aquaterra Energy’s turnkey well access package will enable IEL to conduct intervention operations across multiple mature oil wells in the region, supporting enhanced reservoir production.
The contract includes the supply of a complete seabed-to-surface intervention system and package, spanning from the subsea tree to surface intervention equipment.
Key components include Aquaterra Energy’s TRT tieback tooling, which provides production bore and annular access, a lightweight well pressure control system, and an ISO 13628-7 qualified open water intervention riser with an integrated tensioning system. In addition to equipment provision, Aquaterra Energy will also deliver ongoing offshore engineering support throughout the project.
The 7- 3/8” lightweight well access solution, has been specifically engineered for deployment from jack-ups and lift boats. This innovative approach offers a cost-effective and operationally efficient alternative to floating vessels, reducing intervention costs while maintaining high safety and performance standards.
Andrew McDowell, Delivery Director at Aquaterra Energy comments: “Our expertise in offshore engineering allows us to develop tailored intervention solutions that address the operational challenges of subsea well access.
This system has been engineered for efficiency, ease of deployment, and safety, helping IEL optimise intervention activities across Nigeria while reducing costs. By delivering a complete, integrated package, we are simplifying complex operations and enabling operators to maximise production potential.”
Engr Seun Alonge, CEO at Intrepid Energy Limited adds: “Working with Aquaterra Energy marks a significant step forward for our intervention operations in Nigeria. Their specialised technology enhances our ability to execute intervention programmes efficiently, maximising performance across our assets.
By combining Aquaterra’s technical expertise with our deep understanding of the local operating environment, we’re confident this collaboration will enhance production outcomes and create lasting value for our operations in the region.”
The project is set to support intervention operations over multiple years, with Aquaterra Energy providing ongoing technical expertise, with a dedicated team of engineers providing ongoing service support throughout the project.
George Morrison, CEO at Aquaterra Energy: “Delivering reliable and efficient well access solutions for shallow water subsea operations is central to how we support offshore operators.
This collaboration with IEL reinforces our commitment to providing cutting-edge engineering solutions that enhance efficiency and reduce operational costs. With West Africa playing an important role in the global energy sector, we’re proud to continue supporting its offshore industry with our expertise and innovative technologies.”
Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.
Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.
The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.
The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.
At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.
Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”
She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.
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