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Rensource raises $3.5 million for renewable power subscriptions

Off-Grid Energy

Half of Nigerians lack reliable access to electricity

PC: Resource

The Lagos, Nigeria-based company has developed home and business solar systems that integrate with Nigeria’s power grid.

Half of Nigerians lack reliable access to electricity and spend $14 billion on individual power sources, like diesel generators.

Rensource subscribers register for one of four plans, from power for basic lighting up to powering washing machines and other appliances. Its system switches between solar and battery power and the national grid.

A mobile app allows subscribers to track usage between the two. Launched in 2015, Rensource previously raised $1.1 million from CRE Venture Capital and Sissili Limited. Its latest round was led by Amaya Capital Partners with backing from Omidyar Network and CRE.

The company will use the funding to expand into the cities of Kano and Abuja and launch a business-to-business service.

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