Nigeria’s Koolboks secures $11mn to expand local assembly and cut prices

Nigeria’s Koolboks has raised $11mn in Series A funding to expand its local assembly operations and reduce end-user prices, the company announced.

The Lagos-based company manufactures solar-powered, off-grid refrigerators aimed at providing reliable cooling in areas with limited electricity. Its products are used by small businesses, market vendors and rural health centres, reducing dependence on diesel generators while supporting cold-chain storage.

Koolboks said the investment will allow it to consolidate manufacturing in Nigeria, lowering logistics costs and enabling a 15-20% reduction in retail prices. One of the Series A investors, All On, a Nigerian off-grid energy investment company backed by Shell, first committed $500,000 in 2022.

The funding will also support market expansion across Africa, particularly in regions where demand for clean cooling solutions is growing in response to rising temperatures and food preservation needs.

The package includes a mix of equity, debt and grants from the French Facility for Global Environment (FFEM), Bpifrance, the Powering Renewable Energy Opportunities (PREO) programme, Efficiency for Access, Innovate UK, the Beyond the Grid Fund for Africa (BGFA) Uganda, CEI Africa and the Shell Foundation.

Koolboks refrigerators are designed to operate for several days without sunlight, addressing challenges linked to grid unreliability and diesel costs. Since launching in 2018, the company has deployed more than 10,000 units across 25 countries.

In addition, Koolboks is promoting product affordability through Koolbuy, a buy-now-pay-later platform, and Scrap4New, an initiative to refurbish or recycle old freezers to reduce electronic waste. Both programmes aim to increase accessibility while contributing to circular economy practices.