Eden Lotus Power Limited (Eden Power), a leading provider of portable power solutions, has today announced the acquisition of Popular Energy Limited (Popular Energy), a rising competitor in the portable power station market. The transaction, valued at N100m (One Hundred Million Naria), combines cash and equity to consolidate Eden Power’s dominant position in the industry.
Founded during the challenging times of 2020 by Michael Ajetunmobi, Popular Energy has made significant inroads in the market by selling thousands of its portable powerpack units. The company was quick to respond to the surge in demand for reliable power sources at a time when the world was grappling with the effects of the Corona virus (Covid-19) pandemic.
Both Eden Power and Popular Energy have established themselves as market innovators by prioritizing mobility and efficiency in their power solutions. This synergy makes the acquisition a promising development for all stakeholders.
In light of the acquisition, Michael Ajetunmobi shared, “I am proud of what we have built at Popular Energy in such a short time and am thrilled to see it enter a new era with Eden Power. This acquisition is a testament to our team’s hard work and commitment to excellence. I am confident that under Eden Power’s leadership, the legacy of Popular Energy will continue to flourish.”
Muyiwa Boris Abiodun, CEO of Eden Power, commented on the acquisition saying, “We are excited to welcome Popular Energy into the Eden Power family. This acquisition not only diversifies our product range but also consolidates our market share in the portable power sector. We look forward to integrating Popular Energy’s expertise and leveraging their innovative products to enhance our service offerings and continue delivering exceptional value to our customers.”
Eden Power is committed to a smooth transition and ensures that all Popular Energy customers will continue to receive the high-quality products and service they have come to expect. This acquisition is expected to be immediately accretive to earnings and will provide long-term value for Eden Power’s shareholders.
