Arnergy Explained

Arnergy
Industry:Solar
Predecessors:-->
Founders:Femi Adeyemo & Kunle Odebunmi
Successors:-->
Hq Location City:Lagos
Hq Location Country:Nigeria
Area Served:Nigeria
Owners:-->

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]

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 February 2021, it was recognized by Canada High Commissioner for their energy optimization efforts in Nigeria.[13] By March of the same year, it received Africa Brand Award for its contribution in development of solar energy in Nigeria.

Notes and References

  1. News: Kazeem. Yomi. 21 June 2016. A pay-as-you-go solar solution could kickstart renewable energy adoption in Nigeria. Quartz.
  2. News: Idris. Abubakar. 21 August 2016. Africa taking giant strides to fix its electricity challenges. TechCabal.
  3. News: Rathi. Akshat. 28 August 2019. Bill Gates-led $1 billion fund expands its portfolio of startups fighting climate change. Quartz.
  4. News: Eleanya. Frank. 27 June 2019. How Arnergy's tech powered solution could dent Nigeria's energy poverty. Business Day (Nigeria).
  5. Web site: 8 November 2017. Femi Adeyemo, CEO, Arnergy: Interview. live. Oxford Business Group. https://web.archive.org/web/20201201081716/https://oxfordbusinessgroup.com/interview/femi-adeyemo-ceo-arnergy-nigeria-2017 . 2020-12-01 .
  6. News: Agunbiade. Tola. 7 June 2016. Arnergy is bringing pay-as-you-go solar power to rural communities across Nigeria. TechCabal.
  7. News: Fadoju. Lulu. 20 July 2015. Arnergy Secures Funding for its Renewable Energy program from Nigeria's BoI. TechCabal.
  8. News: Gbenga. Akinfenwa. 5 June 2016. Arnergy: Breaking fresh frontiers in renewable energy sector. The Guardian (Nigeria).
  9. News: 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. 25 June 2019. The Guardian. Nigeria.
  11. News: 28 June 2019. Nigeria's Arnergy raises $9mn for renewable energy. CNBC Africa.
  12. News: Godsgift. Onyedinefu. 16 December 2020. FG, Arnergy sign MoU, to deploy $9M for electrification of 20,000 businesses. Business Day (Nigeria).
  13. News: 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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