Arnergy, a Nigerian solar energy solutions firm has raised $9 Million in a Series A round of funding for its market scaling ambitions which include new business models and partnership opportunities, as well as consumer financing and channel expansion activities.
The funding round was led by Breakthrough Energy Ventures with participation from the Norwegian Investment Fund for Developing Countries (Norfund), EDFI ElectriFI and All On.
According to Femi Adeyemo, Founder and CEO of Arnergy, “We are excited to enter this next phase in Arnergy’s development with investors that share our vision of tackling the most pressing energy challenges across emerging market economies, starting with Nigeria. 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.”
The firm’s will focus on 5KW modular systems for small businesses, healthcare, hospitality, financial services, agribusiness and education.
Arnergy’s distributed renewable energy systems harness the combination of solar power, superior storage solutions and proprietary remote management technologies to deliver scalable, reliable and affordable energy solutions that are tailored to tackle issues related to intermittency and grid unreliability.
Since launch, Arnergy has delivered over 2MW of installed capacity and over 5MWh of storage capacity to business and residential clients across Nigeria.
“Arnergy inherently understands the West African market and its need for power reliability,” said Carmichael Roberts of Breakthrough Energy Ventures.
Related posts
“Creating accessibility to reliable renewable energy sources is paramount to economic growth in this region. With Arnergy’s technology, we can significantly decrease carbon emissions and it’s a model that can be replicated all over the developing world.”
Arnergy is a distributed utility company that provides energy solutions tailored towards energy reliability in emerging markets. Its energy solutions empower businesses and residential customers through the design, sale and installation of affordable and reliable, distributed energy systems. Target business verticals include, but are not limited to healthcare, education, hospitality, agribusiness, financial services and micro businesses that are driving impact and producing positive economic outcomes in their local economies.
“Access to clean and stable energy is a prerequisite for job creation and development. Norfund is proud to support the expansion of Arnergy which will provide Nigerian households and businesses on a weak-grid connection with a cheaper, cleaner and more reliable power solution to meet their daily needs,” commented Mark Davis, EVP Clean Energy from Norfund.
