Nuru, a provider of microgrids solutions, raised over $40 million in Series B equity funding. The funding will enable the company to develop new projects to increase its operating microgrid assets in the eastern Democratic Republic of the Congo (DRC).
The Series B round was led by the International Finance Corporation (IFC) and included the participation of several other investors, such as the Global Energy Alliance for People and Planet (GEAPP), the Renewable Energy Performance Platform (REPP), Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, GAIA Impact Fund, and the Joseph Family Foundation.
According to the press release, Nuru’s utility-scale solar microgrids are integrated with services, such as smart meters, mobile payments, and customer care platforms, to deliver 24/7 clean energy to households, businesses, and public institutions.
“Closing the Series B is a significant milestone in Nuru’s journey, but also demonstrates the viability of the metrogrid model in the distributed energy sector in Africa,” said Jonathan Shaw, co-founder and CEO of Nuru.
Following the Series B close, Nuru will start working on three new projects in Goma, Kindu, and Bunia, which will have a combined capacity of 13.7 MW and serve over 100,000 customers.
GEAPP’s VP for Africa, Joseph Nganga, said: “The DRC suffers from one of the lowest electrification rates in the world with global supply issues hampering its immense renewable energy potential. GEAPP’s contribution to Nuru’s Series B fundraising, alongside an impressive slate of market-leading investors, will help communities connect and transition to reliable renewable energy. By working together at pace, we can lift millions of people out of poverty, transform livelihoods and drive economic growth in DRC and across the region.”
According to Mercom’s Q1 2023 Funding and M&A Report for Storage and Smart Grid.
There was a 66% decrease in QoQ for Smart Grid VC funding in Q1 2023, with $280 million raised in 14 deals compared to $846 million in 15 deals in Q4 2022. YoY, financing in Q1 2023 was 14% lower compared to Q1 2022, when $327 million was raised in 13 deals.
