Firm Commits $3m to Drive Renewable Energy Access in Nigeria

Gilbert Ekugbe

To increase the adoption of renewable energy access in Nigeria, a leading Nigerian impact investment company, All On, has announced a strategic $3 million bridge round investment in Arnergy, a market leader in distributed renewable energy products and solutions.

The move, according to the company, is apt as renewable energy access in the nation is a significant challenge, with the country facing major financial and technical barriers in its energy transition plans.

In a statement, All On, said the infusion of capital by All On, one of Arnergy’s Series A investors, positions Arnergy to leverage the growing demand-supply gap for solar systems in Nigeria.

The statement added that 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.”

“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. said Femi Adeyemo, Founder and CEO, Arnergy. “With the support of our investors, particularly All On, we are well-positioned to capitalize on the increasing demand for solar systems and drive positive impact at scale,” he said.