Solar mini-grids company NXT Grid closes $2.3 million seed round
Amsterdam, 30 Aug 2022 – ARE Member NXT Grid, a one-stop-shop for solar mini-grids, announced it has closed its $2.3 million seed round.
“Since December 2021, when NXT Grid signed agreements with All On and Katapult, we have worked hard to reach the $2 million mark to complete our seed round and pursue our aggressive growth targets. We are now bringing our installed assets base to 500 kWp deployed in solar mini-grids, continuing the development of our software platform and
building out our Nigerian operations to support the company's future growth. Solidifying our relationship with strategic investors such as SIMA and InvestInternational is a key step on our path to bringing solar mini-grids everywhere, by anyone” said Fabio De Pascale, CEO and co-Founder of NXT Grid.
NXT Grid’s innovative integrated platform makes it easy and affordable to install and operate a solar mini-grid. The company couples AI-driven software with rented solar equipment, to enable business customers to run their own town-sized utility. The upfront CAPEX costs are thereby reduced by 80%, making mini-grids a financially and environmentally sustainable alternative to generators.
Ivo van der Horst, Investment Manager at InvestInternational stated: “We’re excited about the loan provided to NXT Grid by the Dutch Good Growth Fund. NXT Grid is providing a unique solution that enables local companies to take an active role in deploying clean energy to communities in Sub-Saharan Africa, and be profitable in their endeavours. A great contribution to multiple SDG objectives, from affordable, clean energy and climate action to economic growth and gender equality.”