Arnergy, Nigerian Clean Tech Startup, Secures $3M Funding Boost

Arnergy, Nigerian Clean Tech Startup, Secures $3M Funding Boost

By Staff Writer, 19 February 2024

Nigerian clean technology startup Arnergy has secured $3 million in fresh funding, marking a significant milestone in its mission to provide distributed renewable energy solutions.

The financing, termed as a bridge round, was backed by All On, an off-grid energy impact investment company supported by Shell.

This funding round comes on the heels of Arnergy's successful $9 million Series A round in 2019, reflecting a continued confidence in the company's vision.

Notable investors in the previous round included All On, Breakthrough Energy Ventures backed by Bill Gates, ElectriFI, and Norfund.

Established in 2013 by Femi Adeyemo and Kunle Odebunmi, Arnergy was conceived with the aim of offering sustainable energy services tailored to meet the needs of both residential and commercial customers.

Their solutions address challenges related to intermittent power supply and grid unreliability, particularly impacting sectors such as hospitality, education, finance, agriculture, and healthcare.

Prior to the Series A funding, Arnergy had already made significant strides, having installed over 2 megawatts of electricity for more than 2,000 clients.

The company's investments, bolstered by $4 million in debt financing acquired from local and international lenders, including Nigeria's Bank of Industry, have facilitated the deployment of more than 7 megawatts of solar photovoltaic systems and the installation of over 20 megawatts of lithium battery energy storage solutions (BESS).

Source: Tage Kene-Okafor / TechCrunch

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