April 21, 2024

All On discloses $3m investment to bolster renewable energy in Nigeria

0

Adebayo Obajemu

All On, a leading Nigerian impact investment company, has disclosed a strategic $3 million bridge round investment in Arnergy, a leading company in distributed renewable energy products and solutions.

This injection of capital by All On, one of Arnergy’s Series A investors, has prepared Anergy to leverage the rising demand-supply gap for solar systems in Nigeria.

Arnergy has established itself as a trusted partner for businesses and communities, offering reliable and sustainable renewable energy solutions since 2013 to address the pervasive energy reliability challenges across emerging markets.

From comprehensive mini-grid development to efficient financing and ongoing support, their work bridges the energy gap and empowers Nigerians across diverse industries.

With the recent removal of fuel subsidies, escalating diesel prices, and increasingly stringent macroeconomic conditions, the imperative for energy cost savings has never been more critical for sustaining businesses and enhancing the quality of life for Nigerians.

The Chief Executive Officer, All On, Caroline Eboumbou, who commended Arnergy’s unwavering dedication to clean energy solutions, said: “We are proud of our partnership with Arnergy over the past years. Our investments into Arnergy have supported our goal to empower communities and create a cleaner future for Nigeria.

“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.”

Femi Adeyemo, founder and CEO, Arnergy, said: “The successful closure of this bridge round underscores Arnergy’s unwavering commitment to providing, one-stop-shop products and services to Nigerians through Mini-Grid Developers and accelerate the launch of our 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.”

All On is committed to continuing to bring 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. Arnergy is gearing to raise its Series B round, which is targeted for closure in Q1 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.

Leave a Reply

Your email address will not be published. Required fields are marked *