Mohammed Shosanya
All On, a Nigerian impact investment company recently announced a strategic $3 million bridge round investment in Arnergy, a market leader in distributed renewable energy products and solutions.
This 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,a statement said.
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.
All On is committed to continuing bringing innovative investment that will increase access to commercial energy products and services for 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 catalyze the adoption of quality, affordable renewable energy products and solutions within and beyond Nigeria’s borders.