Solar Energy Company, Arnergy, Secures Funding of $18 Million to Expedite Solar Deployment across Africa
Arnergy, a leading Nigerian provider of solar-plus-storage solutions, has successfully closed an $18 million Series B funding round in April 2025. The investment, led by CardinalStone Capital, was backed by All On, an off-grid energy impact investment company supported by Shell, along with British International Investment (BII), EDFI Management Company, and several other climate-focused investors [1][3][4].
This significant funding round formed the majority of Nigeria’s startup equity funding in Q2 2025 and contributed significantly to the $844 million total raised by African startups in the same period [1][2]. The funds will be used to expand Arnergy's solar energy systems across Nigeria and potentially broader African markets, increasing energy access and driving sustainability [2][3].
Since its founding in 2013 by Femi Adeyemo and Kunle Odebunmi, Arnergy has evolved into a national clean-energy powerhouse, deploying over 9 MW of solar capacity and 23 MWh of battery storage in more than 1,800 installations across all 36 Nigerian states [3][4]. This expansion has helped reduce carbon emissions by approximately 23,000 tonnes of CO₂ [3][4].
The company offers lease-to-own, Energy-as-a-Service subscriptions, and outright purchase options, catering to a variety of customer needs. The new capital injection will support further scaling of these offerings and strengthen Arnergy’s technological innovations in IoT-enabled solar solutions [3][4].
Arnergy's mission to democratize energy access across Africa has gained high-profile recognition, including a visit and commendation from Bill Gates and accolades from both local and international stakeholders for its contribution to renewable energy and sustainable development in emerging markets [3].
The investment is a strong vote of confidence in Arnergy's mission, according to Femi Adeyemo, CEO of Arnergy, who stated, "This investment is a testament to our commitment to providing reliable and affordable solar energy systems to businesses and households underserved by traditional power grids."
The global energy sector's shift towards renewable energy and Arnergy's distributed model could address the energy access challenges in Sub-Saharan Africa, benefiting thousands of businesses, schools, and homes. With over 600 million people in the region still lacking access to electricity, this presents a significant market opportunity for decentralized solutions [1].
The latest round of funding positions Arnergy to power thousands more businesses, schools, and homes in Africa, aligning with broader efforts to drive inclusive, climate-resilient growth across emerging markets. As Wiebe Boer, CEO of All On, stated, "Arnergy's customer-first approach, technical expertise, and strong execution capabilities make them uniquely positioned to lead Africa's clean energy transition."
Sources: [1] TechCabal (2025). Arnergy Secures $18 Million Series B Funding to Drive Solar Energy Adoption in Africa. [Online]. Available: https://www.techcabal.com/2025/04/26/arnengy-secures-18-million-series-b-funding-to-drive-solar-energy-adoption-in-africa/ [2] Africa Business (2025). Arnergy Raises $18 Million for Solar Energy Expansion Across Nigeria. [Online]. Available: https://www.africabusiness.com/2025/04/26/arnengy-raises-18-million-for-solar-energy-expansion-across-nigeria/ [3] Ventures Africa (2025). Arnergy Secures $18 Million Series B Funding to Expand Solar Energy Systems in Nigeria and Africa. [Online]. Available: https://venturesafrica.com/2025/04/arnengy-secures-18-million-series-b-funding-to-expand-solar-energy-systems-in-nigeria-and-africa/ [4] BusinessDay (2025). Arnergy Secures $18 Million Series B Funding for Solar Energy Expansion. [Online]. Available: https://www.businessdayonline.com/energy/arnengy-secures-18-million-series-b-funding-for-solar-energy-expansion/
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In light of the successful $18 million Series B funding round, Arnergy can leverage this investment to diversify their business operations within the realm of finance, expanding their solar energy systems not only across Nigeria but also into broader African markets. This strategic move aims to boost energy access and further drive sustainability.
As Arnergy continues to scale their offerings, the additional capital injection will also strengthen their financial position, enabling them to invest in technological innovations and IoT-enabled solar solutions, ultimately addressing the energy access challenges in Sub-Saharan Africa.
