By A Nigerian utility firm, Arnergy has raised $9 million in a Series A round of funding led by Breakthrough Energy Ventures and Norwegian Investment Fund for Developing Countries (Norfund), EDFI ElectriFI and Shells’ All On.
Arnergy is a distributed utility company that provides energy solutions tailored towards emerging markets. Its distributed renewable energy systems harness a combination of solar power, superior storage solutions and proprietary remote management technologies to deliver scalable, reliable and affordable energy solutions.
Since launch, Arnergy has delivered over 2MW of installed capacity and over 5MWh of storage capacity to business and residential clients across Nigeria, and it has now raised US$9 million in Series A funding to further increase its impact.
The round was led by Breakthrough Energy Ventures with participation from the Norwegian Investment Fund for Developing Countries (Norfund), EDFI ElectriFI and All On, and will assist Arnergy in scaling its business. Its ambitions include new business models and partnership opportunities, as well as consumer financing and channel expansion activities.
“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 utilisation and our product offerings are solving for reliability and not just access,” said Femi Adeyemo, founder and chief executive officer (CEO) of Arnergy.
Carmichael Roberts of Breakthrough Energy Ventures said Arnergy inherently understood the West African market and its need for power reliability.
“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,” Roberts said.
