Beacon Power Services (BPS), an energy technology firm that offers data and grid management solutions to assist Africa’s power sector to distribute electricity more effectively, has announced the completion of a $2.7 million round of seed financing.
Persistent Energy, Factor[e], Kepple Africa Ventures, and Oridun Capital Management also participated in the round, which was led by Seedstars Africa Ventures.
“Although some of the world’s most rapidly expanding cities are located in Africa, most people think of the continent’s rural parts, where there is little to no access to electricity. However, without considerably increasing energy access and dependability throughout its major cities, Africa would not be able to flourish, according to Bimbola Adisa, founder, and CEO of BPS. “We created a bespoke solution for power companies on the continent to increase daily grid supply of electricity when we learned that solutions designed for established markets fail to handle the particular infrastructural constraints Africa faces. Over 30 million households and companies now have more reliable energy thanks to the assistance we provided to our utility clients in reducing network losses dramatically, recovering unrealized revenue, and doing so. Most crucially, by lowering the continent’s dependency on diesel generators, our technology is actually having a significant influence on sustainable economic development and climate change in Africa.
The funding will assist the business to develop in its current operations, expanding outside of Nigeria and Ghana, and improving the range of products it offers.
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