The company ensures that the poorest communities get access to clean, reliable and affordable energy – protecting the environment, and galvanising local communities and businesses too.
Almost a billion people worldwide do not have access to electricity, but demand continues to increase, especially in developing countries. Greater demand means more productivity and economic growth. Governments, eager to seize the benefits, burn fossil fuels to generate power. However, doing so comes at the expense of human health and the climate. We need new solutions that fight climate change while powering our economies.
Reeddi, with operations based in Nigeria, has a solution; its energy capsule, an optimized lithium battery, is available at vending machine-like stations in energy-poor communities. They are rented for $0.50 a day using a card, cash, or a mobile phone and returned for a discount. Powered by solar, they have a low environmental impact, and they’re also more affordable, cutting energy costs by 30%.
They are planning to launch a new upgraded, more resilient capsule before the end of 2022. Reeddi have also been featured in the TIME best inventions of 2021 and Olugbenga was named to the 2022 class of Bloomberg New Economy Catalysts.