TLG Capital Backs Koolboks to Expand Solar-Powered Refrigeration Across Africa

TLG Capital has arranged a new credit facility for Koolboks, a solar-powered refrigeration company, to increase inventory, strengthen retail distribution and expand access to off-grid cooling solutions across African markets.

The financing combines private credit from TLG Capital with a guarantee from Cascador, delivered in partnership with Morgan Stanley. The value of the facility has not been disclosed.

The transaction brings TLG Capital's commitments to approximately US$65 million across 16 Nigerian small and medium-sized enterprises (SMEs) over the past two years. It also marks the second financing arrangement involving TLG Capital, Cascador and Morgan Stanley in recent weeks, following a US$3 million facility for Nigerian mobility company Drive45.

From solar freezers to a wider appliance market

Founded in Paris in 2018 by Ayoola Dominic and Deborah Gaël, Koolboks developed its refrigeration technology to serve businesses operating in areas where electricity supply remains unreliable or expensive.

Its freezers combine solar panels, patented ice-battery technology and pay-as-you-go financing. The system stores energy to maintain cooling at night and during power outages, allowing traders and small businesses to preserve food, beverages and other perishable goods without depending entirely on grid electricity.

Customers can spread payments through instalments, making the equipment more accessible to businesses that may struggle to pay the full purchase price upfront.

Koolboks has sold more than 15,000 units and shipped products to over 25 markets. The company assembles its products in Lagos and employs approximately 400 people across Nigeria, Kenya and Uganda.

It has also expanded beyond refrigeration through Koolbuy, a platform that allows customers to access household appliances from established brands using a similar financing model.

Previous funding and expansion plans

The latest facility follows Koolboks' US$11 million Series A funding round announced in September 2025. Led by KawiSafi Ventures, with participation from All On and Aruwa Capital, that investment supported the expansion of its solar refrigeration systems and the development of local assembly capacity in Nigeria.

In August 2026, Miller Center Capital also provided financing to help Koolboks fulfil a 500-unit order for a multinational fast-moving consumer goods company distributing solar freezers through its microfranchise network in Ghana.

The new TLG facility will provide working capital for inventory purchases and help the company expand its retail and appliance distribution partnerships.

TLG Capital will continue supporting Koolboks through governance, environmental, social and governance (ESG) monitoring, and operational performance oversight.

The new credit facility gives Koolboks additional working capital to increase freezer inventory, fulfil retail demand and expand its appliance distribution network. With more than 15,000 units already sold across Africa, the company is now looking to grow its distribution footprint while extending its pay-as-you-go refrigeration model to more businesses and households.