Arnergy, a provider of distributed solar energy solutions, has raised $15 million as an extension of its Series B round, adding to the $3 million it secured in an earlier round, bringing the total Series B funding to $18 million.
The funding round was led by CardinalStone Capital Advisers (CCA), a West Africa-focused private equity firm with participation from British International Investment (BII). Existing investors, Breakthrough Energy Ventures, Norfund, EDFI Management Company (EDFI MC), and All On also participated in the round.
According to the company, the funding will be deployed to support its goal of installing more than 12,000 additional solar energy systems by 2029, up from the 1,800 it has already deployed. The company has also installed about 9 MWp of solar capacity and 23 MWh of battery storage so far.
“We are excited and proud to have raised capital from a stellar syndicate of investors at a time when the market needed it most. This funding enables us to extend our high-quality solar products and services to the mainstream at competitive rates. With a nationwide expansion of our innovative zero-down, rent-to-own models, we are leveraging strategic distribution partnerships to provide a highly reliable alternative to traditional energy sources,” said Femi Adeyemo, Founder and CEO of Arnergy.
The funding will also be used to expand Arnergy’s rent-to-own financing solution and to build strategic partnerships to support growth in sectors such as healthcare, education, and SMEs.
According to Mercom’s Q1 2025 Solar Funding and M&A Report, Global VC funding for the solar sector in Q1 2025 came to $1.4 billion in 14 deals, a 237% increase YoY compared to $406 million raised in 13 deals in Q1 2024. Funding increased 40% QoQ compared to the $1 billion raised in 21 deals in Q4 2024.
In March, SmartSolar, a rooftop solar solution provider, raised $1.85 million in seed funding. The funding was led by Picus Capital and 2degrees, along with participation from early-stage venture capital firm Iterative.
