Beacon Power Services aims to solve electricity challenges in Africa
18th November, 2024
Energy-tech startup, Beacon Power Services, has secured an undisclosed amount in funding through Series A financing round to expand its services into Eastern and Southern Africa.
Partech led the funding round, with participation from FinnFund, Gaia Impact, Proparco Group, Kaleo Ventures, Seedstars Africa Ventures, Clermount, Global Brain and its CVC partner, JCG Mirai, and On Capital. With Clermount serving as the financial advisor, the funding will support BPS in enhancing its product suite. It will help it in scaling its current operations, and expanding into new markets across Eastern and Southern Africa
Partech’s investment will offer the startup the necessary partnerships to scale its operations and gain a foothold in the African power sector.
Beacon Power Services was founded in 2013 by Bimbola Adisa, providing data-centric and grid management solutions to Africa’s electrical challenges.
To address challenges in the African power sector, the startup developed two AI-powered digital mapping tools: Customer and Asset Information Management System (CAIMS) and Adora. While CAIMS efficiently collects and organises data, driving smarter service delivery, Adora enables live tracking and power distribution management, enhancing operational efficiency and reducing outages.
BPS has expanded into several African markets, delivering power to over 5 million customers through the Electricity Company of Ghana (ECG), helping the company double its revenue in just two years. In February 2024, ECG even launched a mobile application for electricity services.
With roots in Nigeria and Ghana, BPS leverages its global team and flexible data-centric solutions, prioritising operational and R&D enhancements in its continuous growth and service to its 50 million customers, and employs over 200 people across Nigeria, Ghana, Kenya, Zambia, and the United States.
For global Venture Capital firm, Partech, this is part of its goal for the Partech Africa Fund II, deploying capital and offering assistance to startups across various stages of their journey.
“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.” Cyril Collon, General Partner at Partech, concludes.
.Fabrice Perez, Head of Proparco’s VC division, shared similar enthusiasm, noting, “BPS’s solutions are a tangible answer to Africa’s grid efficiency challenges. This partnership underscores our commitment to fostering the private sector’s role in sustainable development across the continent.”
Founder and CEO of BPS, Bimbola Adisa, emphasized the importance of accurate data in addressing Africa’s energy needs: “Our approach provides utilities with actionable insights, empowering them to deliver more reliable electricity and optimize operations. Data remains at the core of all our solutions, vital to addressing energy issues across urban centers in Africa.”
Since its 2022 seed round, BPS has grown significantly, employing over 200 people across Africa and the U.S. With a daily impact on over 50 million consumers and over 1 billion grid data points processed, BPS is positioned to drive sustainable energy solutions across the continent.
