Madica has announced a significant investment in Earthbond, a climate tech startup focused on revolutionizing energy access for Nigerian small and medium enterprises (SMEs) through a clean energy marketplace. This partnership aims to drive the adoption of solar power as a sustainable solution for businesses in Nigeria’s $14 billion off-grid energy market.
Tackling Nigeria’s Energy Crisis with Solar Solutions
Earthbond, founded by Chidalu Onyenso in 2023, is addressing Nigeria’s ongoing power challenges. With the country’s national grid collapsing 46 times between 2017 and 2023, over 86% of businesses are forced to rely on costly, polluting fossil fuel generators, racking up $29 billion in annual expenses. Earthbond offers a more affordable and environmentally friendly alternative by connecting businesses to solar financing and a trusted network of solar installers and suppliers.
Since its inception, Earthbond has completed audits for over 100 potential customers in Lagos, representing a pipeline of $1 million in solar projects. The startup has also attracted over 1,800 Nigerian businesses to its waitlist, signaling strong demand for its clean energy solutions. By leveraging group financing and carbon accounting, Earthbond aims to reduce the cost and risks associated with solar adoption for SMEs.
Madica’s Comprehensive Support for Earthbond’s Growth
Earthbond will now participate in Madica’s extensive 18-month investment program, gaining access to personalized startup curriculums, mentorship, and hands-on support designed to spur long-term growth. Madica, launched in 2022 and affiliated with Flourish Ventures, a global fintech venture capital firm, provides up to $200,000 in funding to selected startups, alongside executive coaching and immersion trips.
With this investment, Earthbond plans to originate $10 million in solar loans over the next three years, expanding its financing capacity and enhancing its sales and marketing efforts. The startup also plans to develop innovative maintenance and payment tools to improve the customer experience. Additionally, Earthbond will create a new revenue stream by offering discounts tied to carbon credits, incentivizing businesses to make the switch to solar power.
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Statements from Leadership
Chidalu Onyenso, CEO of Earthbond, expressed enthusiasm about the partnership, stating:
“This investment marks a significant milestone for Earthbond. We’re thrilled to join Madica’s portfolio and lead the charge in Nigeria’s clean energy transition. This support will accelerate our efforts to provide SMEs with affordable, sustainable energy solutions and drive a greener future.”
Emmanuel Adegboye, Head of Madica, praised Earthbond’s potential, saying:
“We are excited to invest in Earthbond as they tackle one of the most pressing issues facing African businesses—reliable power. Earthbond’s innovative approach to solar financing aligns with our mission to support underrepresented founders and transformative startups. We believe Earthbond has the potential to shape a cleaner, more sustainable energy landscape in Africa.”
Driving Clean Energy Adoption in Nigeria
As Earthbond continues its mission to reduce Nigeria’s dependence on fossil fuel generators, this partnership with Madica promises to accelerate the country’s shift towards a more sustainable energy future. With the backing of Madica’s investment and support, Earthbond is set to empower SMEs to adopt solar power, driving innovation in clean energy and contributing to Nigeria’s energy transition.
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