As energy realities shift in Nigeria, solar power is no longer just a backup — it’s becoming the primary solution. Cleantech company Arnergy has raised $18 million in fresh capital to expand its solar infrastructure across the country, riding a wave of demand fueled by crippling fuel costs and ongoing grid instability.
The latest funding includes a $15 million Series B extension, on top of an earlier $3 million raised in 2023. With this injection, Arnergy is positioning itself as a key player in Nigeria’s push toward sustainable, cost-efficient energy systems.
A Nation in Energy Transition
For years, diesel and petrol generators were Nigeria’s unofficial national grid. But that era is ending fast. In mid-2023, the Nigerian government eliminated a decades-old fuel subsidy — a move that has since sent fuel prices soaring nearly 500%. What used to be the cheaper workaround to unreliable grid power is now unaffordable for many.
Arnergy’s CEO and founder, Femi Adeyemo, says this economic shift has rewritten the company’s value proposition. “We used to talk about solar as a solution for uninterrupted power. Today, it’s a bottom-line decision — we can now prove monthly savings whether customers are switching from petrol, diesel, or even the grid,” he said.
From Resilience to Return on Investment
Founded in 2013, Arnergy has been building solar power systems for homes and businesses across diverse sectors — including hospitality, education, agriculture, finance, and healthcare. The company offers modular, smart solar solutions designed to reduce dependence on fossil fuels while delivering reliable, measurable savings.
What was once framed as a resilience play — for clients who couldn’t count on national infrastructure — has evolved into a financially driven strategy. And investors have taken notice.
Global Backing for Local Impact
The Series B extension was led by Breakthrough Energy Ventures, the climate tech fund co-founded by Bill Gates, which previously led Arnergy’s $9 million Series A in 2019. With the new capital, the company plans to grow its reach and meet a spike in demand from both urban businesses and rural communities.
The broader vision is ambitious: bring consistent, clean power to millions in a country where energy access remains a daily challenge for many.
What This Means for Enterprise and Investors
Arnergy’s trajectory mirrors a larger transformation in cleantech investment across Africa. As governments rethink fossil fuel dependencies and customers hunt for cost savings, solar is becoming not just an environmental upgrade but an operational one.
For enterprise leaders and investors, Arnergy offers a case study in timing, adaptation, and scalable impact — the kind of cleantech story that suggests real returns are possible in hard-to-crack markets when timing, policy, and technology align.