Fabian Lojede’s startup TNL targets 50% energy-saving costs for businesses

Fabian Lojede TNL signs partnership with LithTech

Taranis Novus (TNL), a startup energy, agribusiness, construction, and technology sectors co-founded by actor Fabian Lojede, has said it aims to curb energy costs for businesses in Nigeria.

At the signing of a new partnership with LithTech, a leading renewable energy solutions company with its R&D base in Germany and a production line in Shenzhen, China, at the ongoing Lagos International Trade Fair, Kehinde Olaleye, the visionary behind the startup, emphasised that utilising LithTech products enables businesses to thrive without concerns about the unstable power supply.

“Given the recent subsidy removal, we aim to reduce the cost of energy solutions for businesses. In the health sector where we also provide solutions, we intend to bring down the energy cost of hospitals so that any Nigerian can afford good health,” he said.

“The consumption of things in Nigeria is going higher because the cost of operation of MSME 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 our 50%, maybe 10% will go for profit, the 10% will go for research and development and then 10% will be reduced from the cost of living which will benefit all Nigerians. Our impact is not all about alternative energy but the sustainability of the industry.”

Olaleye illustrated with an example of the LithTech commercial EES solution, which can provide 18 hours of off-grid power. He mentioned that the surplus energy could potentially be redirected to power other residences through government channels.

During his welcome address, the managing director Femi Nume underscored TNL’s commitment to establishing a lasting legacy in the energy sector. Additionally, Lojede expressed unwavering confidence in Nigeria’s attainability of a transition to renewable and sustainable energy.

“The initial cost of investment might be slightly higher, but most of the time, it pays for itself. So in terms of being sustainable and accessible to people, I believe we are on the right path,” he said.

Renowned for their superior quality, long lifespan, and advanced technology integration, LithTech products have seen significant success in other markets and are anticipated to meet the increasing demand for reliable and cost-effective renewable energy solutions in Nigeria and the rest of Africa.

International sales director at LithTech Global Leo Liu said the company was looking forward to training Nigeria on the technology behind solar energy as it provides off-grid solutions to residential and commercial customers in the country.