Rensource, a Nigerian renewable energy startup has secured a $20 million Series A investment to reduce Nigeria’s heavy reliance or dependence on generators.
The new investment was led by CRE Venture Capital and the Omidyar network.
The startup which was launched in 2016 builds and operates solar-powered micro-utilities that power commercial centers. The solar-powered micro utilities have already been deployed in six Nigerian states including the Sabon Gari market in Kaduna state, Northern Nigeria.
Despite the fact that Nigeria has unlimited energy resources and the potential to generate 12,522 megawatts of electric power, but this is not the case as the power generation revolves around 4,000 MW, which is not enough.
Hence, Rensource which has a working partnership with German manufacturer BOS AG, to design specialized panels, has a huge market waiting for it as the distribution companies in Nigeria struggle to provide stable power.
Interestingly is the renewable energy startup is already thinking of expansion as it plans to take its off-grid energy “to 100 markets within Nigeria and to additional African countries within 24 months”, according to Rensource co-founder CEO Ademola Adesina.
Rensource generates revenue from charging merchants daily, weekly, or monthly fees. “In 2017, we did a few hundred thousand dollars in revenue. Last year we did about $7 million in revenue, and this year we’ll do better than that,” Adesina added.
