Beacon Power Services (BPS), an energy-tech startup, has raised funds through a Series A financing round. Led by global VC Partech, this funding will enable BPS to grow its services into Eastern and Southern Africa.
The amount raised remains undisclosed. Key investors included Partech, FinnFund, Gaia Impact, Proparco Group, Kaleo Ventures, Seedstars Africa Ventures, Clermount, Global Brain with JCG Mirai, and On Capital.
The new funding provides BPS with essential partnerships to increase its footprint in Africa’s power sector. Founded in 2013 by Bimbola Adisa, the company focuses on data-centric and grid management solutions to make Africa’s energy sector more efficient.
BPS has already partnered with utilities like the Electricity Company of Ghana (ECG) and serves over 5 million customers.
The energy needs in Africa are enormous. Currently, 600 million people, about 43% of the population, lack access to electricity. Sub-Saharan Africa faces the greatest power challenges, although some countries are improving.
Ghana, Rwanda, and Kenya are making strides towards universal electricity access by 2030. However, Nigeria struggles, with its national power grid collapsing multiple times this year.
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BPS AI-Powered Solutions for Grid Management
BPS has developed two AI-powered digital mapping tools to tackle these power challenges. ‘The Customer and Asset Information Management System (CAIMS) and Adora.’
CAIMS collects and organizes data to enable smarter service delivery, while Adora allows live tracking and efficient power distribution. These tools aim to enhance operations, improve efficiency, and reduce outages.
BPS’s work with ECG in Ghana has already delivered significant results. Their partnership doubled ECG’s revenue within two years. In February 2024, ECG even launched a mobile app to improve electricity services.
BPS’s flexible data-centric approach has expanded its reach, now serving 50 million customers and employing over 200 staff across Nigeria, Ghana, Kenya, Zambia, and the U.S.
“For Partech, this investment aligns with our vision for the Partech Africa Fund II,” Cyril Collon, General Partner at Partech, stated.
“With an exceptional track record in transforming grid management for utilities in Nigeria and Ghana, Beacon Power Services has established itself as a leader in addressing Africa’s energy challenges through data-driven solutions.
“We believe in the potential of African founders to solve the continent’s most pressing issues, and BPS embodies the type of company our Partech Africa Fund II was created to support. We look forward to partnering with BPS as they scale their operations and increase their impact across Africa.”
Partech’s investment supports its Partech Africa Fund II initiative to help African startups grow across various stages of development. This funding will open new paths for solving Africa’s energy challenges on a larger scale.