All On, a prominent impact investor focused on Nigeria’s energy sector, has made headlines once again with its announcement on November 12, 2025, of a $250,000 follow-on investment in ICE Solar. ICE Solar, a Nigerian company, is quickly gaining recognition as a leading provider of energy-as-a-service solutions for small and medium-sized enterprises (SMEs) across the country. This latest round of funding is not just a financial boost—it’s a vote of confidence in the crucial role that clean energy can play in powering Nigeria’s economic future.
The new capital injection is set to turbocharge ICE Solar’s efforts to deploy intelligent solar and battery systems on a much larger scale. For thousands of Nigerian SMEs, this means the possibility of finally breaking free from the stranglehold of costly and polluting petrol generators—a reality that has long stifled business growth and innovation. According to Africa Private Equity News, ICE Solar’s model is specially tailored to the needs of small businesses, offering affordable, pay-as-you-go solar solutions. But it’s not just about affordability; it’s about making renewable energy practical and accessible, thanks to technology-driven energy management, remote monitoring, and flexible payment options.
Caroline Eboumbou, CEO of All On, underscored the strategic importance of this partnership. In her words, “This follow-on investment in ICE Solar reflects our commitment to supporting indigenous companies delivering scalable clean energy solutions to underserved markets. 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.” This sentiment is echoed by many in Nigeria’s business community, who have long argued that reliable energy is the missing ingredient in the recipe for SME success.
ICE Solar’s approach is refreshingly pragmatic. By providing pay-as-you-go solar energy, the company ensures that even the smallest businesses can participate in the green revolution. Its technology-driven system allows for efficient energy management and remote monitoring—features that not only improve reliability but also give business owners peace of mind. Flexible payment options mean entrepreneurs aren’t locked into rigid contracts or forced to make large upfront investments. Instead, they can scale their energy use as their businesses grow, all while reducing their carbon footprint.
Emmanuel Ekwueme, founder and CEO of ICE Solar, expressed his enthusiasm for the renewed partnership with All On. “We’re thrilled to welcome All On’s continued support and investment in ICE Solar. This partnership 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 milestone is not just about ICE Solar’s growth—it’s about strengthening Nigeria’s renewable energy ecosystem and driving economic transformation.”
The numbers are compelling. ICE Solar aims to help over 2,000 SMEs reduce their energy costs and displace thousands of petrol generators. This is not just a win for the businesses themselves, but also for Nigeria’s broader climate and energy transition goals. Each petrol generator taken offline means less pollution, lower greenhouse gas emissions, and a healthier environment for all. The ripple effects are significant: cleaner air, quieter streets, and a more resilient power grid.
All On’s investment is part of a larger trend toward supporting indigenous companies that are providing scalable, clean energy solutions to underserved markets. According to Africa Private Equity News, the investment will expand ICE Solar’s deployment of intelligent solar and battery systems, giving thousands of SMEs the tools they need to switch from petrol generators to clean energy. This isn’t just about swapping one energy source for another; it’s about reimagining how businesses access and use power in a way that’s sustainable, flexible, and future-proof.
For many Nigerian entrepreneurs, the promise of reliable, affordable energy has long seemed out of reach. Petrol generators, while ubiquitous, are expensive to operate and maintain—not to mention their negative impact on the environment. Frequent power outages and fuel shortages only add to the frustration. ICE Solar’s energy-as-a-service model offers a lifeline, making it possible for businesses to keep the lights on, improve productivity, and focus on growth instead of worrying about the next blackout.
The impact goes beyond economics. By supporting job creation and economic inclusion, ICE Solar’s model is helping to build a more equitable and prosperous society. As Caroline Eboumbou noted, “ICE Solar’s innovative model contributes meaningfully to job creation, economic inclusion, and the broader energy transition.” This is especially important in a country where SMEs are responsible for a significant share of employment and economic activity.
Of course, the road ahead is not without challenges. Scaling up renewable energy solutions in a country as vast and diverse as Nigeria requires more than just capital. It demands ongoing innovation, strong partnerships, and a regulatory environment that supports clean energy adoption. But with companies like ICE Solar leading the way—and with investors like All On providing the necessary backing—the future looks brighter than ever.
Looking at the broader picture, this partnership is a testament to what can be achieved when impact investors and local entrepreneurs join forces. By aligning financial resources with a clear vision for sustainable development, they are laying the groundwork for a renewable energy ecosystem that can power Nigeria’s economic transformation for years to come.
As ICE Solar prepares to scale its operations, the message is clear: the era of dirty, unreliable petrol generators is drawing to a close. In their place, a new generation of clean, intelligent energy solutions is emerging—solutions that promise not just lower costs and greater reliability, but also a pathway to a more sustainable, inclusive, and prosperous Nigeria.
With every solar panel installed and every battery deployed, ICE Solar and All On are lighting the way for thousands of businesses, helping to turn the dream of universal, affordable clean energy into a reality. For the SMEs that form the backbone of Nigeria’s economy, that’s a future worth investing in.
