All On Finalizes $3 Million Bridge Round Investment with Arnergy to Enhance Renewable Energy Access in Nigeria
All On, a leading Nigerian impact investment company recently announced a strategic $3 million bridge round investment in Arnergy, a market leader in distributed renewable energy products and solutions. This infusion of capital by All On, one of Arnergy’s Series A investors, positions Arnergy to leverage the growing demand-supply gap for solar systems in Nigeria.
Arnergy has established itself as a trusted partner for businesses and communities, offering reliable and sustainable renewable energy solutions since 2013 to address the pervasive energy reliability challenges across emerging markets. From comprehensive mini-grid development to efficient financing and ongoing support, their work bridges the energy gap and empowers Nigerians across diverse industries.
With the recent removal of fuel subsidies, escalating diesel prices, and increasingly stringent macroeconomic conditions, the imperative for energy cost savings has never been more critical for sustaining businesses and enhancing the quality of life for Nigerians.
“The successful closure of this bridge round underscores Arnergy’s unwavering commitment to providing, one-stop-shop products and services to Nigerians through Mini-Grid Developers and accelerate the launch of our channel partnerships, installer, and distributor network across Nigeria with quality products and services at market-driven price points,” said Femi Adeyemo, Founder and CEO, Arnergy.
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“All On is committed to continuing bringing innovative investment that will increase access to commercial energy products and services for under-served and un-served off-grid energy market in Nigeria. Arnergy is gearing to raise its Series B round, which is targeted for closure in Q1 2024. This next funding phase will enable the company to scale its operations further, deepen its impact, and catalyze the adoption of quality, affordable renewable energy products and solutions within and beyond Nigeria’s borders,” the statement concluded.
