Arnergy Secures $18M to Expand Solar Solutions in Nigeria Amid Rising Demand
Arnergy, a cleantech startup backed by Bill Gates, has raised $18 million to expand its solar energy solutions in Nigeria, where demand has surged due to increasing fuel costs and unreliable grid power. The funding includes a $15 million Series B extension, following a $3 million round last year. With petrol prices skyrocketing nearly 500% after subsidy removals, Arnergy's lease-to-own model has gained popularity, tripling its customer base. The company aims to install over 12,000 systems by 2029, but a proposed ban on solar panel imports poses challenges to growth.
Created at:
