Earthbond, a climate tech startup based in Lagos, Nigeria, has announced receiving an undisclosed investment from Madica, a venture capital initiative affiliated with Flourish Ventures. Madica, which offers up to USD 200,000 in funding to selected startups, aims to support innovative African companies like Earthbond that are addressing critical challenges in emerging markets.
Founded in 2023 by Chidalu Onyenso, Earthbond is tackling a major issue in Nigeria’s energy sector—the country’s USD 14 billion off-grid generator market. Nigeria’s reliance on generators due to insufficient access to reliable electricity has long driven up operational costs for businesses, particularly small and medium-sized enterprises (SMEs). Earthbond provides a cost-effective and environmentally friendly alternative by facilitating access to solar energy for these SMEs.
Transforming Nigeria’s Energy Landscape with Solar Power
Earthbond’s platform addresses both the financial and logistical barriers to solar adoption, leveraging group financing and carbon accounting to make the transition to solar energy more accessible and affordable. Through its services, Earthbond connects businesses with embedded solar financing options, lowering upfront costs and minimizing financial risks. This approach enables SMEs to invest in solar power without the traditional high expenses or complex energy setups.
Additionally, Earthbond provides a marketplace of accredited solar installers and suppliers, giving businesses access to reliable solar infrastructure. By offering a network of certified providers, the platform ensures quality installations and long-term maintenance, reducing the risks associated with transitioning from generators to solar energy. This support system allows Nigerian SMEs to adopt solar power as a sustainable alternative, helping them cut operational costs while contributing to climate change mitigation.
Madica’s Role in Scaling Earthbond’s Impact
With investment from Madica, Earthbond is positioned to scale its operations and expand its reach across Nigeria. The funding will support the development of new solar energy projects, as well as the platform’s financial mechanisms aimed at reducing the cost of solar installations. Earthbond’s innovative model not only addresses the energy needs of Nigerian SMEs but also contributes to broader climate action efforts by reducing the country’s reliance on carbon-intensive generators.
Madica’s investment is a vote of confidence in Earthbond’s potential to revolutionize the energy sector in Nigeria, as well as its ability to promote sustainable development. By focusing on both financial accessibility and high-quality solar solutions, Earthbond is helping to create a cleaner, more affordable energy future for Nigerian businesses.
As Earthbond continues to grow, the startup’s mission of providing affordable, reliable solar energy to Nigeria’s SME sector is more relevant than ever. With the backing of Madica and its innovative approach to solar financing, Earthbond is well-positioned to drive the transition from costly generators to sustainable solar power across Nigeria. This shift promises not only economic benefits for businesses but also a significant reduction in carbon emissions, advancing Nigeria’s renewable energy goals and improving the resilience of its power sector.