Nigerian distributed utility company Arnergy has closed a USD-9-million (EUR 7.9m) Series A funding round led by Breakthrough Energy Ventures (BEV).
The state-owned Norwegian Investment Fund for Developing Countries, better known as Norfund, the EU-backed EDFI ElectriFI electrification financing initiative and independent impact investing company All On took part in the transaction as well.
Arnergy offers distributed renewable energy systems that combine solar power generation, storage solutions and remote management technologies. Since its inception, Arnergy has installed more than 2 MW of capacity and over 5 MWh of storage for business and residential clients across Nigeria.
“Creating accessibility to reliable renewable energy sources is paramount to economic growth in this region,” says Carmichael Roberts of BEV.
The company plans to offer 5-kW modular systems to small businesses, as well as the healthcare, hospitality, financial services, agribusiness and education sectors.