Finnfund invests in an energy tech company that helps Africa's power sector distribute electricity more efficiently
Africa’s power grids face significant challenges, with utilities struggling to provide consistent service due to outdated infrastructure and unreliable data. Finnfund invests in Beacon Power Services (BPS), an energy tech company that provides data-driven solutions that are based on for example AI-enabled digital mapping. One of the main products offers real-time grid monitoring and control, helping utilities enhance operational efficiency and manage their power distribution more effectively to reduce outages.
BPS employs over 200 people across Ghana, Kenya, Nigeria, Zambia, and the U.S. The series A financing round was led by Partech, with participation from Finnfund, GAIA, Proparco Groupe AFD and previous investors Kaleo Ventures and Seedstars Africa Ventures. Additional investors in this round include Clermount, Global Brain, and On.Capital. The funding will enable BPS to enhance its product offerings, support growth in its current operations, and expand into new markets across Eastern and Southern Africa.
“We are committed to addressing Africa’s energy challenges through a global team and scalable, data-driven solutions” says Bimbola Adisa, Founder & Chief Executive Officer of BPS.
”The solutions by BPS have an impact on over 50 million consumers and businesses” says Finnfund’s Investment Manager Ari Nironen. “Making power production more reliable increases the possibilities for companies and industries to operate more efficiently, while optimizing the operations decreases reliance on diesel generators.”
More information: Ari Nironen, Investment Manager, Finnfund, ari.nironen@finnfund.fi, +358 40 547 8848
Media contact: Valpuri Mäkinen, Communications and Marketing Manager, Finnfund, valpuri.makinen@finnfund.fi, +358 50 384 2105
This investment is made with support from the European Union and the European Fund for Sustainable Development Plus (EFSD+), one of the financing tools of Global Gateway, promoting sustainable investments in the EU’s partner countries. Finnfund has utilised an EFSD+ guarantee under the Africa Connected program, which supports investments into rural connectivity solutions, access to data, and digital solutions in sub-Saharan Africa.
