The renewable energy company builds and operates solar-powered micro-utilities that provide electricity to commercial community structures, such as open-air trading bazaars.
“We’ve pivoted away from a residential focus…and we’re building much larger systems to become essentially the utility for these large urban markets we have a lot of in Nigeria,” Rensource co-founder Ademola Adesina told TechCrunch.
With the $20 million round, Rensource is launching its Spaces Offline to Online platform for supply-chain services, including business-analytics and working capital options.
The benefit Rensource seeks to deliver to Nigeria’s SMEs — at a profit for itself — is to lower overhead costs through better business practices and free them from the bane of generators.
This difficulty and cost weighs particularly heavy on Nigeria (and the continent’s) SMEs, which often operate in Africa’s informal economy — projected to be one of the largest off-the grid commercial spaces in the world.
“This informality of theirs is what we see as an opportunity in building this new business line and bringing these [merchants] into the online world,” said Adesina.