INSUBCONTINENT EXCLUSIVE:
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
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.In addition to becoming a micro-energy provider
With the $20 million round, Rensource is launching its Spaces Offline to Online platform for supply-chain services, including
Africa, noisy, fuel-guzzling and pollution-producing generators are like an unwelcome, yet necessary business partner.Lack of affordable and
country is roughly the size of Texas, with a 200 million population larger than Russia, and generates less gigawatt hours of electricity
state of Connecticut.Nigerian businesses (and citizens) adjust for these power deficiencies by spending on diesel fuel and generators.The
Kano State.The company plans to expand to 100 markets within Nigeria and to additional African countries within 24 months, according to
Adesina.Rensource generates revenue from charging merchants daily, weekly or monthly fees
financials, but generated a small profit last year, according to Adesina
He named deploying more of its micro-utilities to new markets and diversifying services as the path to long-term profitability.Rensource
differentiates itself from many home-kit solar energy startups in Africa, such as M-Kopa, by becoming a renewable energy utility at
providing a less capital intensive alternative to large (and often complicated) energy infrastructure projects.Rensource is also following a
trend by some Nigeria-based startups, such as trucking-logistics company Kobo360 and motorcycle ride-hail company Gokada, to shape a suite
