Demand for photo voltaic power in power-starved Nigeria has soared within the final decade because of worsening grid reliability and rising gasoline prices. That’s drawn investor curiosity to Arnergy, a cleantech startup assembly that want. The corporate simply raised a $15 million Collection B extension (on high of a $3 million B1 spherical final yr), bringing its whole for the spherical to $18 million.
That surge in demand for photo voltaic programs follows vital coverage shifts, most notably the removing of Nigeria’s decades-old gasoline subsidy in Might 2023 (the federal government’s choice—lengthy debated—ended its follow of overlaying the hole between world and native gasoline costs).
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