WATT Renewable Corporation (WATT) in Nigeria has raised US$13 million to expand its business as an independently owned provider of hybrid solar systems.
Empower New Energy, a lender, and co-developer of renewable energy, provided the US$13 million funding.
Empower New Energy funds, constructs, and owns clean power plants for commercial, industrial, and agricultural energy consumers. With the addition of an amazing 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and the operation of towers in Nigeria, it represents the biggest investment made to date by Empower and will allow WATT to improve its renewable energy portfolio.
WATT offers mobile network operators, financial service providers, and C&I companies in Africa hybrid solar solutions with a social impact. It boosts electricity dependability to 99.9% while giving nearby communities access to a sustainable source of power thanks to its turnkey sustainable energy-as-a-service approach.
“This funding injection will play a pivotal role in furthering our mission, and we are immensely grateful to Empower New Energy for their trust and support. With this funding, we are well-positioned to continue serving the telecoms industry with reliable, sustainable energy solutions,” said Oluwole Eweje, CEO of WATT.
The company will use the additional funding to accelerate its efforts to advance renewable energy solutions and solidify its position as Nigeria’s leading supplier of clean energy.
Read more on Tech Gist Africa:
Fixit45, an auto-tech startup based in Nigeria, has raised $1.9 million in a pre-seed funding round
Mecho Autotech, based in Nigeria, has raised $2.4 million in pre-Series A funding
Nestcoin, a Nigerian cryptocurrency startup, has received $1.9 million in funding