Nigerian renewable energy solutions provider Arnergy closes Series A financing
ElectriFI contributed to new capital to fuel commercial growth towards providing energy reliability to customers.
Nigerian distributed utility company, Arnergy, today announced it has raised $9 Million 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. 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,” said Femi Adeyemo, Founder and CEO of Arnergy.
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.Targeted verticals for the company’s 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.”
“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.
“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,” said Dominiek Deconinck, ElectriFI Fund Manager.
Speaking on the investment, Wiebe Boer, CEO of Shell funded All On, “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), “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. It is a validation of all the hard work the REA and all of our
partners are doing to create an enabling environment for off grid development ”