In a bid to bolster renewable energy accessibility in Nigeria, All On, a prominent Nigerian impact investment firm, has pledged a substantial $3 million bridge round investment in Arnergy, a leading provider of distributed renewable energy solutions.
Addressing Nigeria’s Energy Transition Challenges
Nigeria grapples with significant hurdles in its transition towards renewable energy sources, facing both financial and technical obstacles. This investment from All On comes at a crucial juncture, aiming to address these challenges head-on.
Seizing Opportunities in the Solar Energy Market
The infusion of capital from All On, a key investor in Arnergy’s Series A funding, is poised to empower Arnergy in tapping into the burgeoning demand for solar systems across Nigeria. Recent developments such as the removal of fuel subsidies and escalating diesel prices have amplified the urgency for energy cost savings, underscoring the relevance of renewable energy solutions.
Endorsement of Arnergy’s Commitment to Clean Energy
Caroline Eboumbou, CEO of All On, lauded Arnergy’s steadfast dedication to clean energy solutions, emphasizing the partnership’s shared goal of fostering sustainable communities and a cleaner future for Nigeria. This investment reaffirms All On’s confidence in Arnergy’s capacity to scale operations and catalyze clean energy adoption not only in Nigeria but also beyond its borders.
Arnergy’s Vision for Expansion and Impact
Femi Adeyemo, Founder and CEO of Arnergy, expressed gratitude for the successful closure of the bridge round, highlighting the company’s commitment to providing comprehensive renewable energy solutions to Nigerians. With robust support from investors like All On, Arnergy aims to leverage the growing demand for solar systems, thereby driving positive impact on a larger scale.
This strategic investment marks a significant step towards advancing renewable energy access in Nigeria, aligning with broader initiatives to foster sustainable development and mitigate environmental challenges.
Source：thisdaylive.com
