CaaS Incubator Company Presents Model to Investment Forum

To address the challenges of lower-carbon, more effective cooling and refrigeration with vastly reduced climate impacts, the Private Finance Advisory Network (PFAN) joined forces with the Kigali Cooling Efficiency Program (K-CEP) in 2019 to scale up efficient and clean cooling projects and businesses in developing and emerging economies. Together, they held the first PFAN Cooling Investment Forum, which took place in a two-day virtual event on 24 and 26 March 2021, where five PFAN-supported projects on clean and efficient cooling solutions were showcased to potential investors.

The two-day event was joined by 318 participants from 66 different countries. The main participants were project developers and others from the private sector, and a number of representatives from NGOs/civil society, investors, governments and academia were also in virtual attendance.

On the first day, Carla Della Maggiora from the Basel Agency for Sustainable Energy (BASE), introduced the CaaS model as an example of market transformation of the cooling industry towards servitisation. Della Maggiora underlined that “CaaS is a key element to a circular economy” and that “CaaS is going to revolutionise the industry as solar through Power Purchase Agreements (PPAs)  did”, highlighting the key role of these kinds of business models.

Watch the YouTube recording of Day 1

During the second day of the forum, five PFAN-supported cooling projects were pitched in front of the audience and the potential investors, followed by a Q&A session with the investors, which covered both financial and technological aspects. (These companies also had the opportunity to shortly introduce themselves and what they do on the first day.) 

Watch the YouTube recording of Day 2

Among the companies presenting was CaaS Incubator Programme company – Koolboks, highlighting their off-grid solar energy and ice storage CaaS solution in Nigeria. Natalie Casey, Chief Business Officer at Koolboks, presented the project on the first day, giving the audience more insight into what exactly Koolboks does and how their product – the Koolboks solar fridge – works. Casey mentioned that they offer both CaaS service and lease-to-own agreements to make their technology more accessible. They were pitching for equity funding to further expand their business in Nigeria as well as nearby countries in West Africa. 

On the second day, Casey gave a more detailed presentation about their Koolboks technology and the successes of the company. Investors heard how in 2020, Koolboks exceeded their forecasted sales by 125%. Casey also spoke about the lack of refrigeration in sub-Saharan Africa and the challenges and risks that come with this. Koolboks aims to address these challenges in an environmentally friendly way, thanks to the use of natural refrigerants and renewable energy. It was stated that Koolboks can offer investors a return of five times their investment in five years (venture capital valuation). 

After the presentation, a 10-minute Q&A with investors followed and Casey was joined by Ayoola Dominic, CEO and founder of Koolboks, to further discuss the investors’ queries. Questions dived deeper into technical workings of the technology and its use of water and solar. Investors also enquired into the exit roadmap for investors if they were to take up this opportunity to invest. Dominic responded, explaining that they expect a massive uptake of their vaccine freezer product. 

There was also a question into target markets for the next roll-out of products and Casey explained that fish market traders are still part of the plan, as is anywhere where there is a need to store perishables, vaccines, and other medical products. The final question centered around the profit margin sharing with partners, giving Dominic the opportunity to explain more how the CaaS model works in their business.  

Watch this video on CaaS and Koolboks for more.