Vanessa Obioha
During the recent partnership signing between new investment holding company, Taranis Novus (TNL), and LithTech, a top-tier renewable energy solutions company with its research base in Germany and production line in Shenzhen, China, at the ongoing Lagos International Trade Fair, co-founder Fabian Adeoye Lojede highlighted Nigeria’s proximity to a renewable energy revolution. According to him, the country is well poised at the edge of this revolution.
“Nigeria is at the precipice of a renewable energy revolution,” he said, “and this is based on the cost of energy, generally, across Africa and particularly in Nigeria, and the fact that renewable energy like solar and other renewable energy platforms have really improved in technology, and also in accessibility. We’re almost at that stage that we were when GSM came and I think the next kind of technological revolution that will take place is the adoption of renewable energy platforms and formats.”
With the global drive towards cleaner and sustainable energy solutions to combat climate change, countries worldwide are embracing decarbonization. The International Energy Agency’s projection in its recent World Energy Outlook that oil, natural gas, and coal demands will peak by 2030 due to policies favouring cleaner energy sources aligns with Nigeria’s Renewable Energy Master Plan (REMP). Nigeria aims to increase renewable electricity supply from 13% in 2015 to 36% by 2030, while the International Renewable Energy Agency predicts that 60% of Nigeria’s energy demand in 2050 can be met through renewable sources.
Lojede believes Nigeria’s transition to renewable energy is attainable through strategic partnerships.
“The barrier to entry in the long-term is less. It might feel like the cost of entry at first is high, but because it’s such an advancing segment, every day, costs are coming down. And we’re fortunate that LithTech, the company we have partnered with in Nigeria, is an R&D company. So they’re constantly looking for research in new ways to bring down costs to make the technology far more efficient.”
He also noted that a clear government policy on carbon credit will further stimulate the segment.
With its partnership with Lithtech, TNL aims to relieve the operational cost burden for businesses in Nigeria. Kehinde Olaleye, the brainchild behind the startup and also the deputy managing director, emphasized TNL’s goal to decrease the cost of living for Nigerians.
“Our impact and what we want to do with this product is to power up Nigeria. This has been a longstanding endeavour and the timing is right given subsidy removal. Our goal which fits rightly into the federal government’s goals as well lies in sectors such as education and health. We aim to bring the cost of energy solutions in hospitals down so that any Nigerian can afford good health.
“Consumption of things in Nigeria is going higher because the cost of operation of MSMEs and companies is about 70% on diesel. So they have to pass the costs on to customers. We are providing a solution that can save them 50%. We believe out of that 50%, maybe 10% will go for profit, the 10% will go for research and development and then 10% will be reduced for the cost of living which will benefit all Nigerians.”
LithTech products, known for their superior quality, extended lifespan, and advanced technology integration, have achieved considerable success in other markets. They are poised to meet the growing demand for reliable and cost-effective renewable energy solutions in Nigeria and the broader African market.
Drawing from China’s leadership in solar energy, Leo Liu, the International Sales Director at LithTech Global, expressed the company’s enthusiasm to train Nigeria in solar energy technology, offering off-grid solutions to both residential and commercial customers.
In this new partnership, TNL exclusively holds distribution rights for LithTech products and solutions across Africa, except South Africa.
The launch event was graced by the president of the Lagos Chamber of Commerce and Industry (LCCI), Michael Olawale-Cole, who commended TNL as a prime example of creating partnerships that yield value beyond mere profits. Also present was Senator Tolu Odebiyi, representing the former governor of Ogun State, Ibikunle Amosun.
