- All On provided the bridge financing to Arnergy, alongside Bill Gates’ Breakthrough Energy Ventures, ElectriFI, and Norfund.
- The company is gearing to raise its Series B round, targeted for closure in the first quarter of 2024.
Arnergy, a distributed renewable energy solutions provider, has secured $3 million additional funding to enhance solar in Nigeria. Arnergy got the bridge financing from All On, an off-grid energy impact investment firm backed by Shell.
This new investment comes five years after Arnergy raised a $9 million Series A round in 2019. All On also participated in this round alongside other investors such as Bill Gates’ Breakthrough Energy Ventures, ElectriFI, and Norfund.
With the recent removal of fuel subsidies, escalating diesel prices, and rising stringent macroeconomic conditions, the imperative for energy cost savings is now more critical for sustaining businesses and enhancing the quality of life for Nigerians.
The chief executive officer of All On, Caroline Eboumbou, commended Arnergy’s dedication to clean energy solutions, stating, “Arnergy exemplifies the impact we strive to achieve at All On, innovative solutions and unwavering commitment to sustainability.
“This investment reaffirms our confidence in their ability to scale their operations and accelerate the adoption of clean energy in Nigeria and beyond. All On commits to bringing innovative investment that will increase access to commercial energy products and services for the under-served and un-served off-grid energy market in Nigeria.”
On his part, the Founder and CEO of Arnergy, Femi Adeyemo, stated that the successful closure of this bridge round underscores the firm’s unwavering commitment to providing one-stop-shop products and services to Nigerians through Mini-Grid Developers.
According to the CEO, Arnergy is working to accelerate the launch of its channel partnerships, installer, and distributor network across Nigeria with quality products and services at market-driven price points. “With the support of our investors, particularly All On, we are well-positioned to capitalise on the increasing demand for solar systems and drive positive impact at scale,” he added.
The company is gearing to raise its Series B round, targeted for closure in the first quarter of 2024. This next funding phase will enable the company to scale its operations further, deepen its impact, and catalyse the adoption of quality, affordable renewable energy products and solutions within and beyond Nigeria’s borders.
Arnergy, known for offering solar power systems to homes and businesses, has delivered sustainable renewable energy solutions since 2013 to address the pervasive energy reliability challenges across emerging markets.