Arnergy, a distributed renewable energy products and solutions provider has closed a bridge round of US$ 3 million.
This infusion of capital was led by a Shell-backed off-grid energy impact investment company called All On, positions Arnergy to leverage the burgeoning demand-supply gap for solar systems in Nigeria.
Femi Adeyemo, Founder and CEO of Arnergy, remarked, “The successful closure of this bridge round underscores Arnergy’s unwavering commitment towards initiating long-term equipment leases and energy-as-a-service agreements for nationwide deployment of Commercial and Industrial (C&I) Solar and lithium battery energy storage systems to mitigate Nigerian businesses’ vulnerability to soaring diesel prices.
Providing One-stop-shop solar and battery products and services to Nigerians through Mini-Grid Developers.Expediting the launch of our channel partnerships, installer, and distributor network throughout Nigeria by offering high-quality products and services at market-driven price points.With the support of our investors, particularly All On, we are well-positioned to capitalize on the burgeoning demand for solar systems and drive positive impact at scale.”
Backed by Bill Gates ,Arnergy was founded in 2013 and is now a frontrunner in the distributed energy utility sector, offering sustainable renewable energy solutions to address the pervasive energy reliability challenges across emerging markets. The company boasts a diverse clientele spanning various sectors including telecommunications, manufacturing, financial services, healthcare, education, agribusiness, and residential communities.
The Chief Executive Officer, All On, Caroline Eboumbou who commended Arnergy’s unwavering dedication to clean energy solutions said, “We are proud of our partnership with Arnergy over the past years. With this partnership, we have been able to achieve some of our goals to empower communities and create a cleaner future for Nigeria. Arnergy exemplifies the impact we strive to achieve at All On, innovative solutions, unwavering commitment to sustainability, and a relentless focus on social impact. This investment reaffirms our confidence in their ability to scale their operations and accelerate the adoption of clean energy in Nigeria and beyond.”
Arnergy raised $9 million in Series A funding in 2019 and secured an additional c. $4 million in debt financing. These investments have fueled the company’s impressive and capital-efficient growth trajectory, culminating in several significant milestones: Such as a remarkable 10X growth in revenue.Deployment of over 7MWp of solar PV systems.
Installation of over 20MWh of lithium battery energy storage solutions (BESS).Mitigation of over 5,000 tonnes of greenhouse gas emissions.Serving customers across all 36 states of Nigeria.
Looking ahead, Arnergy is gearing up to raise its Series B round, which is targeted for closure in Q1 2024.
