Frankfurt (Germany) and Abuja (Nigeria), January, 2022. GreenTec is very pleased to share that PowerStove, its Nigeria-based cleantech portfolio company, is among 13 lucky African start-ups to win US $100,000 in an off-grid, energy challenge.
The annual challenge was hosted and founded by the United States African Development Foundation (USADF) in partnership with All On. USADF is a US government agency established to support and invest in African-owned and led enterprises and All On is a Shell seed and Rockefeller funded off-grid energy impact investment firm.
PowerStove, as all 13 winners, will receive $50,000 in convertible debt from All On, $25,000 in grant capital from USADF, and $25,000 in grant capital from All On thanks to Rockefeller Foundation financing through the All On Hub.
Key to PowerStove’s win is its ability to integrate productive-use elements with cleaner energy access technologies to improve the quality of the lives and businesses in its communities.
President and CEO of USADF, Travis Adkins, said “Congratulations to all the winners who have joined a select group of innovative Nigerian businesses that have emerged from this challenge to make significant contributions to the Nigerian renewable energy sector and communities.”
Founder and CEO of PowerStove, Mr. Okey Esse, said “This is a significant win for PowerStove that will help us in our upscaling efforts and product development; and we are honored to be recognized for ‘Powering a Brighter Future in Nigeria.’”
GreenTec is very proud to see Powerstove perform well in national level competitions and to have their impactful business model supported by international development organizations.