MOPO, an Africa-focused battery rental company backed by Octopus Energy Group Ltd., has signed a $75 million agreement with the Nigerian government to expand its battery rental operations across the country by 2030, in a move aimed at improving access to affordable electricity.
The agreement, signed with the Rural Electrification Agency (REA), will begin with a pilot programme later this year before being expanded nationwide over the next five years, MOPO said in a statement on Monday, according to Bloomberg.
The investment is expected to support Nigeria’s efforts to expand electricity access through clean energy solutions while complementing broader initiatives to electrify underserved communities.
MOPO said the expansion will strengthen access to reliable electricity by allowing households and businesses to rent rechargeable batteries instead of investing in expensive solar home systems or mini-grids.
- “We solve a lot of the problems that mini-grids and solar home systems struggle with,” said Luke Burras, MOPO’s Chief Operating Officer.
- “We rent batteries to customers for hours. We’re not asking them to buy an asset in the case of solar home systems, and we’re not asking investors to place a huge bet on their future usage as with mini-grids.”
The company said the partnership with the Rural Electrification Agency will begin with a pilot programme in 2026 before expanding nationwide by 2030.
MOPO noted that the investment aligns with broader efforts to accelerate access to clean and affordable electricity across Nigeria and the African continent.
