Nigeria's Arnergy raises $3m to drive adoption of renewable energy
TLDR
- Arnergy, a Nigerian clean tech startup, secures $3 million investment from All On to accelerate operations and promote wider adoption of its services.
- This funding follows Arnergy's successful Series A round in 2019, where they raised $9 million from various investors.
- Arnergy is currently pursuing a Series B round of fundraising to expand operations and boost adoption of their renewable energy products.
Arnergy, a Nigerian clean tech startup, has secured a $3 million investment from All On, an impact investment company focusing on off-grid energy. This funding aims to accelerate Arnergy's operations and promote wider adoption of its services.
The startup deals in distributed renewable energy products and solutions. This financial injection follows Arnergy's Series A funding round in 2019, where the company raised $9 million from All On, Breakthrough Energy Ventures, ElectriFI, and Norfund.
Currently, Arnergy is actively pursuing another round of fundraising, specifically for its Series B round. Expected to close within the current quarter, this round will focus on expanding operations and boosting the adoption of Arnergy's renewable energy products and solutions.
Key Takeaways
Frequent power outages in Nigeria have significant economic ramifications, disrupting industries, businesses, and commercial activities reliant on consistent electricity supply. These interruptions result in financial losses, hinder manufacturing processes, and pose challenges for small and medium enterprises in sustaining operations and competitiveness. With Nigeria's unreliable power grid, alternative solutions are gaining traction. In late 2023, power output dropped, leading to a blackout. Considering off-grid options, Nigeria emerged as a leader in solar sales in the second quarter of 2022, accounting for 78% of all sales in West Africa. The sales of solar products in Nigeria experienced remarkable growth, surging by 450% between 2017 and 2022.
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