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Africa Should No Longer Be Referred To As The Dark Continent – Femi Adeyemo

Femi Adeyemo - cfamedia

Femi Adeyemo, CEO and Co-Founder, Arnergy, reiterated that, Africa should no longer be tagged as the Dark Continent.

Femi asserted this, at the recent Arnergy Solar Energy Press Conference, where he also revealed that, the energy company had raised $9 million in Series A funding.

He noted that, due to incessant power shortage in the country, average consumers and small business owners, have resulted, to the use of petrol and diesel generators as power source, with more than 60 million generators in use.

According to him, this result has led to the pollution of the country, with significant health hazard on the populace.

“With an increase in population, there is no correspondent increase, in infrastructure growth and even, at that, they are degrading, hence, incessant power cut at homes and businesses, daily.”

Femi said that, a report from the National Bureau of Statistics shows that, 37 million small businesses, exist and out of this, 9 million of them, experience a daily power cut.

This will pose a negative impact on Nigeria’s GDP, as it has been proven that, SMEs are the backbone of the economy’s productivity.

According to the CEO, intermittent power cuts and huge air pollution, have stopped millions of Nigerians, from actualising their potentials.

Therefore, Arnergy is coming in place, to deploy solar power solution, in a modular and affordable way.

Arnergy is a 5KWA system that is modular and can be scaled to whatever capacity that the customer wants.

“The Arnergy system is deployed by the Internet of Things, (IoT), which has provided the Energy Company with remote monitoring controls and real-time visibility”, stressed Femi.

He further stated that, the deployment of IoT, in the system, has attracted investment.

He noted that, with the closing of the Serie A funding, Arnergy is set to power 35,000 businesses, over the next 36 months in Nigeria.

Its primary target, would be the healthcare, education, hospitality sectors and SMEs.

Femi Adeyemo explained the 3 financial models available to customers as follows:

Energy Subscription: This is a utility model, based on a monthly fixed fee, over 10 years of the renewable contract.

Lease To Own: This is a consumer finance model, where customers can lease to own the asset, over 36 months.

Outright Sale: This is a cash sale option, where customers purchase the solar system, outright.

“One of the key advantages of Arnergy, is that, it shifts the narrative from dysfunctionality to opportunity, in Nigeria, with a remarkable opportunity in electrification for investors, commercial returns and economic activity”.

Moving forward, it is hoped that, the deployment of Arnergy solution, would be sustainable and carried out, in a clean fashion, as the health and environmental consequences of powering an economy on diesel generation, is not sustainable.

It is a long term vision, for profitability and environmental sustainability, as it provides the opportunity of opening more opportunities, for the energy solution company, to tackle the power challenge.

Featured Image: Femi Adeyemo, CEO and Co-founder, Arnergy

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