Rensource Energy builds and operates solar-powered micro-utilities—clusters of solar panels, batteries and a power management system with diesel backup—that serve markets and commercial hubs. Launched in 2016 in Nigeria, the company pivoted from a residential focus to deploying larger systems to become a utility for urban markets and SMEs. It partners with German manufacturer BOS AG on specialized panels and maintains developer teams in Nigeria and Europe for software programs. Rensource generates revenue by charging merchants daily, weekly or monthly; revenue grew from a few hundred thousand dollars in 2017 to about $7 million last year, and the company reported a small profit last year. With the new funding it is launching Spaces Offline to Online, a supply-chain platform offering business analytics and working-capital options. The company plans to expand to 100 markets within Nigeria and to additional African countries within 24 months.

Total raised

$20M

Funding rounds

1

Latest round

Series A

Latest activity

Dec 2019