Nigeria’s Rensource Energy, a distributed energy provider, has raised $3.5 million in bridge financing to hire more personnel, expand operations into Kano and Abuja, and expand its its product base.
The round was led by Mauritius Amaya Capital Partners with participation from Omidyar Network and South Africa’s CRE Venture Capital.
The funds will help it unveil its B2B focused offering to allow businesses in Nigeria move into energy independence. The firm previously raised a $1.1 million led by CRE Venture Capital and Sissili Limited and was also part of the XL-Africa acceleration program.
According to Anu Adasolum, General Manager of Rensource, “This investment further affirms the growing consensus that renewables-based distributed energy generation — taking power to the people — is the future of Nigeria’s power industry.”
Founded in 2015, Rensource provides tiered, subscription-based energy services freeing households and businesses from unreliable public energy providers and toxic diesel generators. The funding now positions Rensource for profitable growth in the Power-as-a-Service renewable energy market in West Africa.
“Each investment we receive is an endorsement of our core belief that distributed power generation will be a critical element in solving the power problem in Nigeria,” says Bola Ogidan, Chief Revenue Officer at Rensource. “The social benefits and positive ramifications will be something to behold and we at Resource are proud to be playing our part in what could be a true energy revolution.”