Arnergy, a Lagos, Nigeria-based distributed utility company, raised $9m in a Series A funding.
The round was led by Breakthrough Energy Ventures with participation from the Norwegian Investment Fund for Developing Countries (Norfund), EDFI ElectriFI and All On.
The company intends to use the funds to accelerate commercial growth towards providing energy reliability to customers.
Led by Femi Adeyemo, Founder, and CEO, Arnergy
provides distributed renewable energy systems which combines solar power,
storage solutions and proprietary remote management technologies to deliver
affordable energy solutions that are tailored to tackle issues related to
intermittency and grid unreliability. Since launch, the company has delivered
over 2MW of installed capacity and over 5MWh of storage capacity to business
and residential clients across Nigeria.
Targeted verticals for its 5KW modular systems will include small businesses, healthcare, hospitality, financial services, agribusiness, and education.