Global: Arnergy, a prominent distributed renewable energy provider, completes $US 3 million bridge round

Arnergy, supported by Bill Gates and a leading provider of distributed renewable energy solutions, has secured a $3 million bridge round, with investment from Series A investor All On. This funding positions Arnergy to address the growing demand-supply gap for solar systems in Nigeria. Amidst the removal of fuel subsidies, rising diesel prices, and challenging economic conditions, the need for energy cost savings is paramount for sustaining businesses and improving the quality of life for Nigerians.

Established in 2013, Arnergy has become a leader in the distributed energy utility sector, providing sustainable renewable energy solutions to tackle prevalent energy reliability issues in emerging markets. Serving a diverse clientele across sectors such as telecommunications, manufacturing, financial services, healthcare, education, agribusiness, and residential communities, the company has positioned itself as a frontrunner in delivering innovative energy solutions to meet diverse needs.

Femi Adeyemo, Founder and CEO of Arnergy, emphasized, , “The successful closure of this bridge round underscores Arnergy’s unwavering commitment towards, introducing long-term equipment leases and energy-as-a-service agreements to deploy Commercial and Industrial (C&I) Solar and lithium battery energy storage systems nationwide, reducing Nigerian businesses’ reliance on expensive diesel, Offering One-stop-shop solar and battery products and services to Nigerians through Mini-Grid Developers and accelerating the rollout of our channel partnerships, installer, and distributor network across Nigeria by providing top-notch products and services at competitive prices.

Caroline Eboumbou, Chief Executive Officer of All On, praised Arnergy for its steadfast commitment to clean energy solutions, stating: “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. Arnergy exemplifies the impact we strive to achieve at All On, innovative solutions, 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.”

Arnergy secured $9 million in Series A funding in 2019, supplemented by approximately $4 million in debt financing. These investments have propelled the company’s remarkable and capital-efficient growth, leading to the achievement of several significant milestones.

These milestones include; achieving a notable 10X growth in revenue, deploying over 7MWp of solar PV systems, Installing over 20MWh of lithium battery energy storage solutions (BESS), mitigating over 5,000 tonnes of greenhouse gas emissions, serving customers in all 36 states of Nigeria.

Arnergy is preparing to raise its Series B round, slated for closure in Q1 2024. This next phase of funding will facilitate the company’s expansion, enhance its impact, and accelerate the adoption of high-quality, cost-effective renewable energy products and solutions both within and beyond Nigeria’s borders.

By: Esther Adwoa Gyanwah Karikari/InstinctBusiness Magazine