Arnergy

Last updated
Arnergy
Industry Solar
Founded2013;13 years ago (2013)
FoundersFemi Adeyemo & Kunle Odebunmi
Headquarters
Lagos
,
Nigeria
Area served
 Nigeria
Website arnergy.com

Arnergy Solar Limited is a Nigerian solar power company based in Lagos, Nigeria. [1] [2] It provides energy for small businesses in Nigeria. [3] [4]

Contents

History

The company was started in 2013 by Femi Adeyemo, the incumbent CEO, and Kunle Odebunmi from personal savings and capital. [5]

In July 2015, Nigeria's Bank of Industry invested in the company to fund a project to provide rural communities with off-grid solar systems [6] which was also supported by UNDP. [7]

In December 2015, the Solar Nigeria Programme, part of the Department for International Development (DfID), granted a 100,000 Pounds (US$146,000) to expand the operations in Northern Nigeria. [8]

In June 2019, Breakthrough Energy Ventures along with Norfund invested US$9 million in the company. [9] [10] [11]

In December 2020, the Federal Government of Nigeria gave $9 million to provide solar energy to 20,000 micro, small and medium businesses in rural communities in the country. [12]

In April 2025, Arnergy successfully closed an $18 million Series B funding round. The capital raise included a $3 million initial tranche in 2024 and a $15 million extension led by CardinalStone Capital Advisers (CCA). Other participants included the Bill Gates-backed Breakthrough Energy Ventures, British International Investment (BII), Norfund, and Shell-funded All On. This brought Arnergy's total capital raised to over $27 million. The company announced that the funds would be used to install an additional 12,000 solar systems across Nigeria by 2029. [13]

Recognition and award

In February 2021, it was recognized by Canada High Commissioner for their energy optimization efforts in Nigeria. [14] By March of the same year, it received Africa Brand Award for its contribution in development of solar energy in Nigeria. [14]

References

  1. ↑ Kazeem, Yomi (21 June 2016). "A pay-as-you-go solar solution could kickstart renewable energy adoption in Nigeria". Quartz .
  2. ↑ Idris, Abubakar (21 August 2016). "Africa taking giant strides to fix its electricity challenges". TechCabal.
  3. ↑ Rathi, Akshat (28 August 2019). "Bill Gates-led $1 billion fund expands its portfolio of startups fighting climate change". Quartz .
  4. ↑ Eleanya, Frank (27 June 2019). "How Arnergy's tech powered solution could dent Nigeria's energy poverty". Business Day (Nigeria) .
  5. ↑ "Femi Adeyemo, CEO, Arnergy: Interview". Oxford Business Group. 8 November 2017. Archived from the original on 2020-12-01.
  6. ↑ Agunbiade, Tola (7 June 2016). "Arnergy is bringing pay-as-you-go solar power to rural communities across Nigeria". TechCabal.
  7. ↑ Fadoju, Lulu (20 July 2015). "Arnergy Secures Funding for its Renewable Energy program from Nigeria's BoI". TechCabal.
  8. ↑ Gbenga, Akinfenwa (5 June 2016). "Arnergy: Breaking fresh frontiers in renewable energy sector". The Guardian (Nigeria) .
  9. ↑ Akinpelu, Oluwadamilare (25 June 2019). "Nigerian Energy Startup Arnergy Seals $9m Funding, to Power 35,000 Businesses by 2023". TechNext.
  10. ↑ "Nigerian renewable energy solutions provider Arnergy closes Series A financing". The Guardian (Press release). Nigeria. 25 June 2019.
  11. ↑ "Nigeria's Arnergy raises $9mn for renewable energy". CNBC Africa . 28 June 2019.
  12. ↑ Godsgift, Onyedinefu (16 December 2020). "FG, Arnergy sign MoU, to deploy $9M for electrification of 20,000 businesses". Business Day (Nigeria) .
  13. ↑ "Series B Funding". Arnergy. Retrieved 14 April 2025.
  14. 1 2 Anaesoronye, Modestus (2 February 2021). "Arnergy gets Canada High Commissioner's applause on energy optimization, productivity in Nigeria". Business Day (Nigeria) .


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