Nigeria and France-based clean-tech company, Koolboks, has secured $11 million to establish its first local solar refrigeration assembly plant in Nigeria.
The project expected to reduce costs for end-users by 15%–20%, while also cutting logistics and import expenses.
Koolboks said the investment represents a major step in its mission to expand access to affordable, sustainable cooling solutions across Africa.
“Koolboks, the Nigeria and France-based African cleantech company, has secured a landmark $11 million in Series A financing.
“We are building a movement for accessible, sustainable cooling. Our innovative financing arm, Koolbuy, allows every woman, every farmer, and every small business owner to get a Koolboks solar freezer with flexible, affordable pay-as-you-go plans,” Koolboks said in an official statement.
The financing was co-led by KawiSafi Ventures, Aruwa Capital, and All On, with further backing from debt and grant providers including Bpifrance, Innovate UK, CEI Africa, the Shell Foundation, and others.
Africa’s solar shift expands
Between July 2024 and June 2025, solar imports into Africa surged by 60% marking a record high and highlighting the continent’s accelerating shift toward renewable energy.
The new data shows that African countries are increasingly turning to solar technology as they seek affordable, reliable, and sustainable electricity solutions.
The scale of imports during the period was significant enough to influence national electricity systems, pointing to solar’s growing role in closing supply gaps.
Several countries across the continent benefited from the shipments, reflecting a coordinated push to diversify energy sources, cut reliance on fossil fuels, and meet rising demand from households, businesses, and industries.
Analysts note that the sharp rise in imports signals an unprecedented move by multiple African nations to expand power supply through solar, a technology that has become more cost-effective and accessible in recent years.
The trend also shows Africa’s potential to position itself as a leader in renewable energy adoption, particularly at a time when global markets are reorienting toward cleaner power.
Koolboks’ footprint in Africa
Koolboks has distributed more than 10,000 off-grid refrigerators across 25 African countries, with Nigeria, Ivory Coast, and Senegal standing out as key markets.
The company said it has consistently proven the effectiveness of its model, with operations spanning from busy markets in Nigeria to remote villages in Côte d’Ivoire and Senegal.
It further noted that each refrigerator deployed not only meets a need but also restores dignity and unlocks new possibilities for communities.
Despite the progress, the firm acknowledged that regulatory hurdles and financing complexities have slowed operations in some markets.
However, it stated that the new funding will enable it to deepen penetration in its strongest geographies while laying the foundation for a new phase of strategic expansion.
