Earthbond Solar for SMEs

Earthbond addresses the critical challenge of energy access for African SMEs, particularly prevalent in regions like Nigeria. SMEs face significant obstacles due to unreliable public power grids and high generator costs, impeding economic growth. In Nigeria alone, where only half the population is connected to the grid, frequent blackouts cost the economy over $30 billion in GDP losses annually. Moreover, SMEs spend over $22 billion on diesel and petrol for backup generators, further straining their finances. 

Despite the clear benefits of solar energy, SMEs struggle to transition due to limited financing options and awareness of alternative energy sources. This creates a barrier to adopting cleaner, more affordable, and reliable energy solutions, perpetuating their reliance on fossil fuels and contributing to environmental degradation. These challenges underscores the urgent need for innovative solutions to empower SMEs with access to sustainable energy sources and drive economic resilience across the continent.

Earthbond is a digital one-stop-shop that simplifies the transition to clean, affordable, and reliable energy for over 45 million African small and medium-sized businesses (SMEs). Our comprehensive solution addresses the critical challenge of energy access by offering a range of services tailored to the specific needs of SMEs.

Firstly, we conduct comprehensive energy audits for SMEs to assess their current energy usage patterns, financial constraints, and technical requirements. Leveraging IoT-based technoeconomic analysis, we design customized solar energy solutions optimized for each SME's needs, ensuring optimal system sizing and cost-effectiveness.

One of the major barriers to solar adoption for SMEs is limited access to financing. Earthbond simplifies the financing process by prequalifying SMEs for solar financing loans that align with their budget and credit profile. Through partnerships with local banks, microfinance institutions (MFIs), and fintech lenders, we secure competitive financing options to facilitate the transition to clean energy.

Once financing is secured, Earthbond manages a network of trusted solar engineering partners to deliver high-quality installations and maintenance services. This ensures seamless implementation and long-term operational reliability for SMEs.

In addition to providing solar energy solutions, Earthbond calculates the carbon baseline for each SME's solar installation. Leveraging this data, we provide discounts on the overall system cost through carbon emissions monetization, incentivizing sustainable energy adoption and driving environmental impact.

Throughout the process, Earthbond provides dedicated customer support to guide SMEs through every step of their clean energy journey, from initial assessment to post-installation monitoring and troubleshooting. By offering end-to-end support and simplifying the transition process, Earthbond empowers SMEs to embrace clean, affordable, and reliable energy solutions, reducing their reliance on fossil fuels and enhancing their resilience to energy shocks.

Earthbond's holistic approach combines cutting-edge technology, financial expertise, and industry partnerships to empower SMEs with clean, affordable, and reliable energy solutions, fostering sustainable growth and environmental stewardship across the continent.

Earthbond's solution serves small and medium-sized enterprises (SMEs) across Africa, encompassing a diverse range of businesses such as pharmacies, medical labs, schools, restaurants, light manufacturers, and agro-processors. These SMEs play a crucial role in driving economic growth and job creation in their communities, yet they face significant challenges related to energy access and reliability.

• SDG 7 (Affordable and Clean Energy): By facilitating the transition to clean, affordable, and reliable solar energy, Earthbond enhances access to sustainable energy sources for SMEs. This not only reduces their reliance on fossil fuels but also improves energy affordability and reliability, ultimately driving economic growth and job creation.
• SDG 8 (Decent Work and Economic Growth): By reducing energy costs and enhancing operational efficiency, SMEs can reinvest their savings into expanding their businesses, creating new job opportunities, and fostering inclusive economic growth within their communities.
• SDG 11 (Sustainable Cities and Communities): By reducing carbon emissions and mitigating environmental pollution, Earthbond helps create healthier and more livable urban environments. Additionally, by promoting the adoption of solar energy, Earthbond enhances energy resilience and contributes to building more sustainable and resilient communities.
• SDG 13 (Climate Action): Earthbond's solution plays a crucial role in advancing climate action by mitigating greenhouse gas emissions and promoting renewable energy adoption. By facilitating the transition to solar energy, Earthbond helps SMEs reduce their carbon footprint, contributing to global efforts to combat climate change and achieve climate resilience.

Our team at Earthbond is uniquely positioned to tackle the challenge of energy accessibility for African SMEs. With a diverse blend of expertise spanning technology, finance, and energy, we bring a holistic approach to solving this pressing issue.

Our CEO, Chidalu Onyenso, possesses a deep understanding of African SMEs' needs, having spent over a decade developing fintech solutions tailored for this market. Her background in economics and extensive experience in product management equip her with the strategic vision and leadership necessary to drive Earthbond's mission forward.

Chidalu has also assembled a strong team of Nigerians in Lagos to tackle our unique solar, financing, and operational ambitions. The tech lead brings technical prowess in IoT and machine learning, enabling Earthbond to develop innovative solutions for energy optimization and predictive analytics. While the engineering, operations, and sales experts, have a proven track record in the solar energy value chain across Nigeria. In addition to our core team, Earthbond supported by a network of seasoned advisors including the likes of Catalyst Fund, Third Derivative, IFC, among others. Their guidance and mentorship provide invaluable strategic direction and help us navigate complex challenges effectively.

Earthbond, though a young company, could be classified as in the growth stage for the following reasons:

• Market Traction: Earthbond has demonstrated significant market traction, with over 3000 SMEs engaging with our digital audit product and a waitlist of over 1500 business customers. Additionally, we have generated $30,000 in revenue from 11 pilot installations across Nigeria; indicating that Earthbond has moved beyond the initial pilot phase and is actively acquiring customers and generating revenue.
• Expansion Plans: Earthbond has ambitious expansion plans, aiming to achieve 50 more SME solar installations, facilitate $300,000 in financing, integrate 10 more lending partners, and expand operations to Ghana within the next 12 months. Our expansion goals suggest that we are focused on scaling our operations and reaching new markets, characteristic of the growth stage.
• Strategic Partnerships: Earthbond has established partnerships with 4+ financial institutions (local banks, microfinance institutions, and fintech lenders) and 12+ solar engineering firms. 
• Technological Innovation: Earthbond has built a scalable cutting-edge technology, including IoT-based technoeconomic analysis and predictive analytics, to deliver innovative solutions for energy optimization and renewable energy adoption that allows us to expand our reach beyond Nigeria in the planned time frame. 

Earthbond is applying to Solve because we recognize the immense potential for collaboration and impact that the Solve community offers in advancing our mission of empowering African SMEs with clean, affordable, and reliable energy solutions.

Firstly, Solve provides a unique platform for Earthbond to showcase our innovative approach to addressing the critical challenge of energy access for SMEs across Africa. By participating in Solve, we have the opportunity to amplify our message, raise awareness about the importance of sustainable energy solutions, and attract potential partners, investors, and customers who share our vision for driving economic growth and environmental sustainability in Africa.

Moreover, Solve offers access to a diverse network of entrepreneurs, experts, and stakeholders from around the world who are committed to solving some of the most pressing global challenges. By engaging with the Solve community, we can tap into valuable insights, resources, and opportunities for collaboration (including with other Solve participants) that can accelerate our growth, expand our impact, and drive positive change in Africa and beyond.

Earthbond’s innovation lies in building an integrated SMEs solar marketplace - seamlessly connecting users with inclusive financing, installation, and after-sales service.

Via our online platform, SMEs share energy and financial data to access customized solar financing plans from an ecosystem of providers. Cash flow friendly loans remove the greatest adoption barrier.

Approved SMEs then select their preferred solar panels, batteries, and accessories from trusted equipment suppliers on the platform. Earthbond manages end-to-end delivery, installation, and after-sales - establishing reliability.

This interconnected clean energy marketplace simplifies the fragmented Nigerian solar industry for SMEs. Enabling easy, affordable, and reliable access to solar power that enhances incomes and resilience. Our platform, in essence, is helping build solar infrastructure for African small businesses' prosperity and climate adaptation.

Earthbond's solution is designed to have a significant impact on the problem of energy access for small and medium-sized enterprises (SMEs) across Africa. Here's how and why we expect our solution to make a difference:

1. Simplifying the Transition: Many SMEs in Africa face barriers to adopting clean energy solutions due to the complexity and cost involved. Earthbond simplifies the transition process by offering a one-stop-shop solution that guides SMEs through every step of their clean energy journey, from initial assessment to post-installation support. 

2. Customized Solutions: Earthbond understands that each SME has unique energy needs and financial constraints. That's why we offer customized solar solutions tailored to the specific requirements of each business; thereby ensuring SMEs get the most value out of their clean energy investments.

3. Access to Financing: One of the biggest challenges SMEs face in adopting clean energy solutions is access to financing. Earthbond simplifies the financing process by prequalifying SMEs for solar financing loans and securing competitive financing options through partnerships with financial institutions. 

4. Environmental Impact: Transitioning to clean energy not only benefits SMEs financially but also has a positive impact on the environment. Solar energy is renewable, sustainable, and emits no greenhouse gases and noise, unlike fossil-fuels powered generators. 

5. Economic Growth: Access to reliable energy is essential for SMEs to grow and thrive. By reducing energy costs (through optimal solar solutions and carbon credits) and enhancing operational efficiency, Earthbond's solution enables SMEs to reinvest their savings into expanding their businesses, creating new job opportunities, and driving economic growth within their communities. 

Earthbond's impact goals are aligned with our mission to empower small and medium-sized enterprises (SMEs) across Africa with clean, affordable, and reliable energy solutions. We measure impact using various dimensions to assess our contribution to Sustainable Development Goals -  (SDGs) 7 (affordable and clean energy), 8 (decent work and economic growth), 11 (sustainable cities and communities), and 13 (climate action) - as well as  broader sustainable development objectives:

• Energy Access: We track the number of SMEs we transition to solar power through our platform, measuring energy baseline, installed capacity and solar usage statistics, using our integrated analytics platform

• Financial Savings: We quantify cost savings realized by SMEs after adopting solar energy, comparing expenses with previous grid and/or fuel expenditures. This includes shared benefits to SMEs from carbon credit revenues

• Business Impact: We evaluate the increase is revenue and income generation created by increased energy access and productivity 

• Environmental Impact: We assess CO2 emissions reduction by displacing fossil fuels with renewable energy, leveraging data analytics to estimate emissions avoided against estimated baselines.  We also assess the reductions in PM2.5 emissions due to generators and biomass burning (20% contribution in Lagos)

• Customer Satisfaction: We gather feedback on the solar adoption process, awareness, financing options, and ongoing support to enhance customer experience and satisfaction.

Earthbond's solution is powered by a combination of cutting-edge technologies that enable us to deliver customized, efficient, and reliable clean energy solutions to SMEs across Africa.

The core technologies that drive our solution include:

1. Technoeconomic Analysis: We leverage technology to conduct energy audits for SMEs. By collecting relevant data on energy usage patterns, cashflow, and technical requirements, we identify opportunities for energy optimization and cost savings and recommend customized solar solutions tailored to their specific requirements.

2. Financing Facilitation Platform: Earthbond's solution includes a financing facilitation platform that simplifies the financing process for SMEs. We use technology to prequalify SMEs for solar financing loans based on their budget and credit profile. Through partnerships with local banks, microfinance institutions, and fintech lenders, we secure competitive financing options that align with SMEs' financial needs.

3. Remote Monitoring and Analytics: To ensure the long-term performance and reliability of solar installations, Earthbond employs remote monitoring and analytics technology. We use sensors and monitoring devices to track system performance, energy production, and maintenance needs in real-time. This data is analyzed to identify potential issues proactively and optimize system efficiency, minimizing downtime and maximizing energy output.

4. Customer Engagement Platform: Earthbond utilizes a customer CRM platform to provide ongoing support and assistance to SMEs throughout their clean energy journey. Through this platform, SMEs can access resources, receive updates, and communicate with our team of experts. We leverage technology to deliver personalized support, address inquiries, and resolve issues promptly, ensuring a positive customer experience.

• 7 Full-time

• 1 contract staff & interns

Since May 2022.

At Earthbond, our commitment to diversity, equity, and inclusivity (DEI) extends beyond our internal practices to our partnerships with investors and collaborators who prioritize gender equity. As a solo female founder, Chidalu Onyenso leads our team, with 2 out of 5 full-time team members being female, reflecting our dedication to gender diversity. We actively seek out investors and partners who share our values and prioritize gender equity in their initiatives. For instance, we collaborate with Catalyst Fund, an organization that champions gender equity in its investment portfolio. Our approach to working with investors and partners aligns with our DEI principles, ensuring that our external relationships reflect our commitment to fostering a more inclusive and equitable ecosystem. By leveraging partnerships with organizations like Catalyst Fund, we aim to amplify our impact and advance gender equity across the clean energy sector and beyond.