Ventureburn reports that Lagos based Nigerian startup Daystar Power, a company that provides solar power solutions to businesses in the region, has secured $38-million in a Series B Investment.
The investment was led by the Investment Fund for Developing Countries (IFU), the Danish development finance institution (DFI). Additional investors included STOA, a French impact infrastructure fund, Proparco, and several other investors.
The solar power-focused startup will reportedly use the funding to grow its operations in Nigeria and Ghana, with an aim to expand to other countries such as Senegal, Togo, and Côte d’Ivoire.
In addition, the funding will assist Daystar Power to increase its installed capacity to over 100 megawatts, catering to clients in various sectors such as financial services, agriculture, manufacturing, and more.
In an official press release, Thomas Hougaard, Vice President Sub-Saharan Africa, IFU provides insight into why an investment was made into Daystar Power.
“We believe that Daystar Power has the right elements — the client base, technology, engineering expertise, and executive leadership — to scale off-grid solar across West Africa. Not only is Daystar Power at the forefront of a growing market, but it is also helping to accelerate the adoption of renewable energy in some of Africa’s fastest-growing cities.”
By providing a renewable energy resource and transforming it into electricity, Daystar Power is able to reduce pollution and positively contribute to the natural environment.
Traditional methods of accessing electricity include the burning of diesel, which emits harmful gases into the atmosphere and contributes to global warming.
Source: https://ventureburn.com/2021/01/nigerian-tech-startup-secures-38-million/