Nigerian Startup Rensource Energy raises $20 million

Nigerian startup Rensource Energy has raised a $20 million Series A round co-led by CRE Venture Capital and the Omidyar network.

The renewable energy company builds and operates solar-powered micro-utilities that provide electricity to commercial community structures, such as open-air trading bazaars.

Launched in 2016, the startup has shifted its operating strategy. “We’ve pivoted away from a residential focus…and we’re building much larger systems to become essentially the utility for these large urban markets we have a lot of in Nigeria,” Rensource co-founder Ademola Adesina told TechCrunch.

The company has a partnership with German manufacturer BOS AG, with whom it designs specialized panels for it use case. Rensource also has developer teams in Nigeria and Europe for its software-related programs. READ MORE