Nigerian renewable energy solutions provider Arnergy raises $9m via Series A financing
Nigerian distributed utility company, Arnergy, on Monday announced it has raised 9 million dollars in a Series A round of funding led by Breakthrough Energy Ventures with participation from the Norwegian Investment Fund for Developing Countries (Norfund), EDFI ElectriFI and All On.
“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.
“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’s market scaling ambitions, fueled by the influx of new capital, will include new business models and partnership opportunities, as well as consumer financing and channel expansion activities.”
Contributing, Carmichael Roberts of Breakthrough Energy Ventures said: “Arnergy inherently understands the West African market and its need for power reliability.
technology, we can significantly decrease carbon emissions and it’s a model that can be replicated all over the developing world.”“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,” said Mark Davis, EVP Clean Energy from Norfund.Dominiek Deconinck, ElectriFI Fund Manager noted that “ElectriFI, a EU-funded access to energy impact facility, is thrilled to join such a strong group of investors backing visionary entrepreneurs who will positively impact thousands of local businesses in Nigeria.”On the investment, Wiebe Boer, CEO of Shell funded All On, said: “This is a deal that is particularly exciting to us at All On as a Nigerian impact investor because it reinforces our belief that local energy companies like Arnergy with innovative Nigerian technology and business models can attract investments from global giants like Breakthrough Energy Ventures, Norfund
and ElectriFI, and are ready and able to compete on a global stage.”According to Damilola Ogunbiyi, the CEO of the Rural Electrification Agency (REA) said: “I am delighted that Arnergy, a home grown company and one of the market leaders for off grid energy in Nigeria, has reached this milestone to raise capital from such an impressive group of local and international investors.
About ArnergyThe News Agency of Nigeria (NAN) reports that 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.
Its partner, Breakthrough Energy Ventures (BEV) invests in companies that leverage innovative technologies to help address climate change.
The fund was created in 2016 by the Breakthrough Energy Coalition. Visit www.b-t.energy.com to learn more.
On the other hansd, ElectriFI- the Electrification Financing Initiative invests in on-and off-grid early stage private companies focusing on creating new or improved connections and on adding generation capacity from renewable energy sources in emerging markets.
Typical business models include solar home systems, mini-grids, IPPs and captive power production. ElectriFI is backed by the
European Union, U.S. Power Africa & Sweden, and is managed by the EDFI Management Company owned by 15 European Development Finance Institutions (EDFI).