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Arnergy, which provides solar power systems to homes and businesses in Nigeria, raises $3M
Bill Gates-backed Arnergy, a Nigerian cleantech that deals in distributed renewable energy products and solutions, has raised $3 million.
Alongside the $4 million debt financing obtained over the past few years from both local lenders, such as Nigeria’s Bank of Industry, and foreign ones, the company’s investments have led to the deployment of over 7MW of solar PV systems and the installation of over 20MW of lithium battery energy storage solutions (BESS). The recent removal of fuel subsidies, escalating diesel prices, and challenging macroeconomic conditions underscore the urgent need for energy cost savings among retail and business customers. To that end, the ten-year-old cleantech company, which has witnessed a 10x revenue growth over the last five years, plans to maintain its service provision across all 36 states where it operates in Nigeria through min-grid developers.
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