A Nigerian energy-tech company, Beacon Power Services (BPS), has on Friday announced closing a $2.7 million seed round funding led by Seedstars Africa Ventures.
The founder and CEO, Bimbola Adisa, in a media release on Friday confirmed that Persistent Energy, Kepple Africa Ventures, Factor[e,] and Oridun Capital Management participated in the seed round.
With a goal to improve the quality and duration of electricity supplied to Africa’s cities, BPS creates smart grids across the continent and uses data to reduce the considerable inefficiencies in the electricity distribution systems.
Aerospace engineer Bimbola Adisa founded the energy technology company in 2014 after several years of experience in power turbine manufacturing.
Adisa claims his experiences gave him exposure to the application of technology in the power sector to boost power generation in Nigeria and across Africa.
“Africa is home to the fastest growing cities in the world, but when most people think of energy access in Africa, they think of the rural areas with little or no access to electricity at all.
“However, it is impossible for Africa to develop without significantly improving electricity access and reliability across its major cities,” said CEO Adisa in a statement.
Adisa stressed that the new funding will be used to expand into market footprint beyond Nigeria and Ghana, and upgrade current products.