The numbers tell the story: 1,800 solar systems deployed, 9MWp capacity installed, and 23,000 metric tonnes of COâ eliminated. Now, Arnergy is writing its next chapter with an $18 million Series B funding round that promises to accelerate Nigeria’s transition to reliable, clean energy.
The Investment Breakdown
Led by CardinalStone Capital Advisers and with participation from British International Investment (BII), this funding round represents a significant endorsement of Arnergy’s business model. Existing investors, including Norfund, Breakthrough Energy Ventures, EDFI MC, and All On, reaffirmed their commitment, signaling strong confidence in the company’s trajectory.
From Milestones to Momentum
Since its 2013 founding, Arnergy has:
- Established operations across 35 Nigerian states
- Created 1,200 direct employment opportunities
- Developed proprietary IoT monitoring technology
- Built 23MWh of energy storage capacity
The new capital injection will fuel:
- Deployment of 12,000 additional solar systems by 2029
- Â Expansion of the rent-to-own financing payment
- Strategic partnerships to enhance distribution
- Targeted sector growth in healthcare, education, and SMEs
Leadership Perspective
Founder and CEO Femi Adeyemo emphasizes: “With a nationwide expansion of our innovative zero down payment, rent-to-own, and Energy-As-A-Service models, we are leveraging strategic distribution partnerships to provide a highly reliable alternative to traditional energy sources.”
Investor Insights
Shirley Somuah of CardinalStone notes Arnergy’s “execution of excellence in a challenging market,” while BII’s Benson Adenuga highlights the alignment with sustainable development goals. Breakthrough Energy Ventures’ Carmichael Roberts points to the company’s potential to “ensure a brighter future for all Nigerians.”
The Road Ahead
With this funding, Arnergy stands poised to:
- Deepen its market penetration
- Refine its technology offerings
- Strengthen its position as Nigeria’s renewable energy leader
- Contribute meaningfully to the nation’s energy transition
The message is clear: Arnergy’s growth story is, in many ways, the story of Nigeria’s renewable energy future. As the company scales its proven model, the benefits will ripple across homes, businesses, and communities nationwide.
