Arnergy, a Nigerian clean tech startup specializing in distributed renewable energy products and solutions, has secured $3 million in new funding.
All On, a Shell-backed off-grid energy impact investing firm, supported the funding round.
Femi Adeyemo and Kunle Odebunmi founded Arnergy in 2013 to offer sustainable energy services that would supply dependable, clean energy to households and businesses. The company offers distributed energy systems that are both economical and reliable, making them accessible to household users as well as businesses in the hospitality, education, finance, agriculture, and healthcare sectors. These systems are specifically designed to address intermittent and grid unreliability challenges.
CEO Adeyemo stated, “I think one of the things that has been very important to Arnergy has been capital efficiency. We didn’t just want to raise for raising sake, We were waiting for some triggers like the fuel subsidy removal, closeness to grid parity based on the price on the grid, and also diesel prices to go back into the market. So the combination of all of those more or less gave us signals based on triggers we set when we last raised money.”
Arnergy is also preparing to raise its Series B funding, which is expected to be completed this quarter. The next round of funding is intended to help the company expand even more and hasten the uptake of its renewable energy solutions and products within and beyond the nation of Nigeria.
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