Arnergy raises $9 million in Series A funding

Arnergy, a Nigerian utility company, has announced raising $9 million in the Series A round of funding led by Breakthrough Energy Ventures with participation from the Norwegian Investment Fund for Developing Countries, ElectriFI (electrification financing initiative) and All On. The distributed renewable energy systems offered by the company integrate solar power, storage solutions and remote management technologies that are equipped to tackle power intermittency and grid unreliability. The influx of new capital will be utilised by the company to include new business models and partnership opportunities, besides consumer financing and channel expansion activities.