Arnergy, Provider of Solar Power Systems to Homes and Businesses in Nigeria, Raises $3M

Arnergy, a solar power company with unique products, has raised funding of $ 3million. This was raised by a company called All On, a company supported by Shell. The funding raised will be to the benefit of Nigerians as it will bring awareness to solar energy.

Arnergy has been excellent in its strategies and its pitch as it received a funding of $9 million Series A round from Bill Gates in 2019. The startup is aimed at greatness in the Nigerian economy.

Arnergy, A Solar Power Distributor

It was founded by Femi Adeyemoo and Kunle Odebunmi in 2013. It was established as a startup to provide clean and sustainable energy services for homes and work environments.

This is essential as it will tackle the problem of power supply in the nation. This initiative cuts across all sectors, and the energy distributed is said to be compatible with these sectors.

Arnergy has distributed and installed clean energy for more than 2,000 clients. This is impressive for a startup. This installment was before the funding came in 2019.

The company can boast of having installed more after the funding. The company’s investments have led to the deployment of over 7MW of solar PV systems and the installation of over 20 MW of lithium battery energy storage solutions (BESS).

Challenges of Solar Electricity in Nigeria

The company has been excelling in its vision but still faces the challenge of meeting the needs of Nigerians. This is due to a lack of awareness of solar energy and how it is used.

This is a gap Arnergy wishes to fill. Nigerians can only access a small portion of the power grid, this has caused a lot of challenges that seem impossible to solve for the citizens.

The majority of Nigerians rely solely on generators to aid their businesses, and this has become difficult as the fuel subsidy has been removed.

It is truly a trying time for the nation to be fully introduced to solar energy. Arnergy wishes to solve this problem and has vowed to find a way around it. Solar energy is the way forward, as there is a big market for it in the nation.

Arnergy Strategies To Combat Electricity Issues In Nigeria

The CEO, Femi Adeyemo, said in an interview, “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,”

He further stated:. “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.”

It seems the time Arnergy waited for is already here, as most Nigerians are seeking alternatives to the country’s power grid.

It’s a joy that the start-up won the funding at this time, as it’s an opportunity to raise awareness far and wide for clean solar energy.

All On CEO, Caroline Eboumbou said, “We are proud of our partnership with Arnergy over the past years. With this partnership, we have been able to achieve some of our goals to empower communities and create a cleaner future for Nigeria,”

She continued in the statement, ” Arnergy exemplifies the impact we strive to achieve at All On: innovative solutions, an unwavering commitment to sustainability, and a relentless focus on social impact. This investment reaffirms our confidence in their ability to scale their operations and accelerate the adoption of clean energy in Nigeria and beyond.”