- SHYFT Power Solutions has obtained an additional $3.1M in seed funding.
- SHYFT’s provide services to renewable energy services providers in Nigeria, including Daystar Power Solutions and Aspire Power Solutions.
- The company believes that the funds obtained will enable it to increase its West Africa team over the next year.
SHYFT Power Solutions has obtained an additional $3.1M in seed funding to bring its total investment haul for the round to $3.8M. SHYFT provides IoT and software services that optimize distributed energy systems performance and operational efficiency in emerging markets. This financing round was led by the SoftBank Vision Fund’s Emerge Program and Total Carbon Neutrality Ventures with participation from other investors, including Lofty Inc, Samurai Ventures, and Urban US Ventures.
SHYFT focuses on providing and scaling clean, reliable, and affordable energy solutions in emerging markets with low electricity access or grid supply challenges. The company currently focuses on Nigeria, where it provides asset management services using an integrated approach consisting of algorithms that monitor, automate, and optimize assets and connections. This service enables operators to scale and operate distributed systems efficiently.
SHYFT believes that the funds obtained will enable it to increase its West Africa team over the next year. The company also want to build partnerships and expand into other emerging African markets.
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SHYFT provide services to some of the continents’ largest renewable energy services providers in Nigeria, including Daystar Power Solutions and Aspire Power Solutions. SHYFT currently have over 2,000kW of assets by its technology. The company plans to increase its assets by 1000 per cent by the end of the year. The company plans to provide its services to more bank branches that switch to solar energy services over the coming year.
According to Total Carbon Neutrality Ventures (TCNV) Managing Director, Emerging Markets, Ademidun Edosomwan, “Energy is an essential need for all, yet it is estimated that more than 3.5 billion people globally lack access to affordable and reliable electricity. SHYFT’s technology will play a critical role in a global movement to democratize the way people manage their power sources. They’ve developed data-driven software that enables homeowners and businesses in emerging markets to make smarter decisions on their energy use to cut costs and reduce emissions. We are delighted to support SHYFT’s momentum as Ugwem, and the team continues to expand their impact and help build a better energy future for the world.”