Nigerian Solar Firm Raises $9 Million

Distributed Solar & Storage Solutions Firm Arnergy Of Nigeria Secures $9 Million Series A Funding From Breakthrough Energy Ventures, Norfund, ElectriFI & All On To Explore New Business Models, Consumer Financing & Channel Expansion
01:11 AM (Beijing Time) - 25. June 2019

Key Takeaways

  • Arnergy from Nigeria has raised $9 million from a pool of funders to support its business plans
  • It plans to use the proceeds to explore new business models, partnership opportunities, consumer financing and channel expansion activities
  • The company also plans to target small businesses, healthcare, hospitality, financial services, agribusiness and education verticals for its 5 kW module systems
  • The Series A funding was led by Breakthrough Energy Ventures, Norfund, ElectriFI and All On

A consortium of funding agencies led by Breakthrough Energy Ventures (BEV) have pooled in $9 million in a Series A funding round for Nigerian distributed solar power company Arnergy. The company offers solar and storage solutions for distributed energy generation linked with remote management technologies to deal with intermittency and grid unreliability issues.

Arnergy has delivered over 2 MW of installed capacity and more than 5 MWh of storage capacity to business and residential clients across Nigeria. With the fresh capital coming in, Arnergy plans to use the proceeds to explore new business models, partnership opportunities, consumer financing and channel expansion activities.

For its 5 kW modular systems, it will target small businesses, healthcare, hospitality, financial services, agribusiness and education verticals.

We believe that energy needs in Nigeria have surpassed rudimentary requirements of low power utilization and our product offerings are solving for reliability and not just access,” said Femi Adeyemo, Founder and CEO of Arnergy.

With more than $1 billion in committed capital to fund climate friendly initiatives by entrepreneurs, BEV was created by Breakthrough Energy Coalition in 2016. Other funders include Norwegian investment fund for developing countries (Norfund), European Union backed Electrification Financing Initiative (ElectriFI) and independent impact company All On.

 

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

Write, follow the author.
Email

Anu Bhambhani