Nigerian energy startup, Arnergy, has raised about $9 million in a Series funding A funding round. The funding is led by Breakthrough Energy Ventures, with participation from Norwegian Investment Fund for Developing Countries (Norfund), EDFI ElectriFI, and Shells’ All On.
While commenting on the financing, the Founder and CEO of Arnergy, Femi Adeyemo, said the following:
“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.”
How the fund will be deployed: Inspired by the injection of the new capital, Arnergy’s market scaling solutions will include new business models, partnership opportunities, as well as consumer financing and channel expansion activities.
In a statement obtained by Nairametrics, the company disclosed that targeted verticals for its 5KW modular systems will include -small businesses, healthcare, hospitality, financial services, agribusiness, and education.
“Arnergy inherently understands the West African market and its need for power reliability,” said, Carmichael Roberts of Breakthrough Energy Ventures.
“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.”
About the company: Arnergy is a distributed utility company that provides energy solutions tailored to energy reliability in emerging markets.
The company’s energy solutions empower businesses and residential customers through the design, sale, and installation of distributed energy systems.
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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.
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