Nigerian clean energy startup Earthbond has secured $200,000 in pre-seed funding from Madica, an Africa-focused early-stage investment firm. The Lagos-based company connects small and medium businesses (SMBs) with solar solution providers to help them transition to solar power.
Earthbond, founded in 2023 by Chidalu Onyenso, aims to ease the process for SMBs to adopt solar energy. The company provides businesses with tools to determine their solar energy needs and links them with trusted providers, such as solar panel installers and loan providers. It also offers flexible financing options, enabling businesses to spread out the cost of solar installations over time.
The startup has already assessed the solar power needs of over 100 businesses in Lagos, with deals estimated to be worth $1 million. With a waitlist of over 1,800 SMBs, Earthbond is addressing a growing demand for clean energy alternatives, particularly as fuel prices surged by 40% in September.
“Leading the charge of energy transition is no easy feat, and we are glad to be joined by renowned investors who share our passion and drive,” said CEO Chidalu Onyenso.
Small businesses form the backbone of Nigeria’s economy but often struggle with unreliable power supplies and high fuel costs. Many have relied on expensive diesel and petrol generators to meet their energy needs. Solar power presents a cleaner alternative, but high upfront installation costs have hindered widespread adoption. Earthbond’s financing options—offered in partnership with four microfinance banks—allow business owners to repay over up to 48 months, making clean energy more accessible.
Beyond solar installation, Earthbond is also moving into the climate tech space. The company plans to offer businesses tools to track their carbon emissions and incentivize them with discounts based on the carbon savings they achieve. This step positions Earthbond to play a role in Nigeria’s renewable energy sector, alongside established players like Rensource Energy, M-KOPA, and Arnegy.
Madica’s investment will help Earthbond scale its operations, onboard more businesses, expand its partnerships with financial institutions, and enhance its marketing efforts. Madica will also provide strategic support to help the startup build payment solutions for its customers and continue its mission of promoting clean energy solutions across Africa.
“Earthbond has tremendous potential to drive an equitable clean energy future and positively impact Africa. We remain committed to supporting underrepresented founders,” said Emmanuel Adegboye, head of Madica.
With this backing, Earthbond aims to contribute to Nigeria’s renewable energy goals, as the country works to boost its installed solar capacity from 3.13 gigawatts (GW) to 5.01 GW by 2029.
