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Nigeria’s Rensource Has Raised $20 Million to Power African Markets by Solar

The Nigerian startup named Rensource Energy has recently raised an amount of $20 million in the Series A round which has been co-led by the Omidyar network and the CRE Venture Capital. The renewable energy company operates and builds the solar power micro utilities which will supply electricity to the commercial community structures like open air trading bazaars.

This Rensource Energy was first launched in the year of 2016, and now it has transformed the operating strategy. The co-founder of the Rencourse named Ademola Adesina told to the TechCrunch that they had pivoted away from the residential focus and were building larger systems to be importantly the utility for those larger urban markets they had a lot of across the Nigeria.

The company has a partnership with the German manufacturer named BOS AG. With the partnership, they design several specialized panels for using the case. Besides, the Rensource has also developer teams in the Europe and Nigeria for the software related issues. In addition to be a micro energy service provider in the robust SME classes of Nigeria, the startup aims to offer them the B2B services, and with the amount in series A round, the Rensource is starting its Spaces Offline to Online platform for supplying the chain services which will also include the business analytics as well as working capital options.

Adesina also said that they were trying to bring a universe of people who were banked, but still offline like their products. They didn’t track anything, and there was no data behind the business online.

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Shahina Khatun

Shahina is a Web Developer, Content Writer, SEO Expert and Social Media Marketer.

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