Business

Startup makes Bill Gates’s top companies list

Bill-Gates



A Nigerian renewable energy startup, Arnergy, has been included in Bill Gates’s Breakthrough Energy Ventures Top 5 Cleantech list for companies that will help save the world.

A statement on Monday said the company described the inclusion as a huge feat as most of Breakthrough Energy’s portfolio companies were based in the United States.

Arnergy, founded by Femi Adeyemo, is a startup with the goal of growing the adoption of renewable energy solutions in Nigeria, using its proprietary technology to ensure that its customers have power even when the electric grid fails, it stated.

The statement quoted in a recent article published by Forbes, that, “Operating out of Lagos, Nigeria, Arnergy leases and sells what it calls solar energy systems—bulky cabinet-size apparatuses on wheels fitted with solar panels and batteries that essentially serve as solar-powered generators.

“The technical gear is accompanied by a software platform that allows clients to monitor and control their energy usage in real-time.”

According to the statement, Arnergy’s systems allowed businesses in countries like Nigeria to pay for clean energy at the same or a lower price as traditional fossil-fuel sources.

“Each of our 5-kilowatt modular systems is displacing diesel and petrol generator daily,” Adeyemo stated.

The company stated that it had delivered over three megawatts of installed capacity and more than 9MWh of storage capacity to business and residential clients across Nigeria.

Arnergy also explained that it sells to both small businesses and large enterprise data centres, and added that it had deployed 600 systems to customers like Citibank, KPMG and Dangote Group.

The company revealed that it had raised a $9m Series A funding round to scale its solutions and making them affordable and reliable.

The round was reportedly led by Breakthrough Energy Ventures with participation from the Norwegian Investment Fund for Developing Countries, ElectriFi, and All On.

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