Arnergy, a Lagos, Nigeria-based distributed utility company, raised $9M in a Series A funding.
The round was led by Breakthrough Energy Ventures with participation from the Norwegian Investment Fund for Developing Countries (Norfund), EDFI ElectriFI and All On.
The company intends to use the funds to accelerate commercial growth towards providing energy reliability to customers.
Led by Femi Adeyemo, Founder and CEO, Arnergy provides distributed renewable energy systems which combines solar power, storage solutions and proprietary remote management technologies to deliver affordable energy solutions that are tailored to tackle issues related to intermittency and grid unreliability. Since launch, the company has delivered over 2MW of installed capacity and over 5MWh of storage capacity to business and residential clients across Nigeria.
Targeted verticals for its 5KW modular systems will include small businesses, healthcare, hospitality, financial services, agribusiness and education.