Nigerian Clean-Tech Startup Arnergy Raises USD 3 M Funding

Arnergy, a Nigerian clean tech startup that deals in distributed renewable energy products and solutions, has raised USD 3 M in new financing. The bridge round was financed by All On, a Shell-backed off-grid energy impact investment company. The financing comes five years after Arnergy, a provider of solar power systems to homes and businesses, secured a USD 9 M Series A round in 2019. All On, along with other firms, including Bill Gates’ Breakthrough Energy Ventures, ElectriFI, and Norfund, participated as investors in the round.

Founded in 2013 by Femi Adeyemo and Kunle Odebunmi, Arnergy was launched as a provider of sustainable energy services intended to deliver clean and reliable energy for businesses or homes. The company’s energy systems are tailored to tackle intermittent and grid unreliability issues, enabling residential customers and businesses across hospitality, education, finance, agriculture, and healthcare to access and install affordable and reliable distributed energy systems.