Bill Gates and CEO of Arnergy talk on promoting renewable and inexpensive energy in Nigeria

L-R: Dr. Bunmi Adekore, Ph.D., Partner Breakthrough Energy Venture; Bill Gates; Femi Adeyemo, CEO, Arnergy

Experts called for collaboration with industry leaders and partnerships with financiers to speed up the adoption of renewable energy in Nigeria during the visit to the facility of Arnergy, a portfolio company of Breakthrough Energy Ventures (BEV), particularly in light of the removal of gasoline subsidies and the increase in electricity tariffs.

Additionally, they said that the withdrawal of fuel subsidies and an increase in power prices have created new markets for renewable energy sources.

Given the recent removal of fuel subsidies, Gates stated that he saw a significant opportunity for the energy transition where distributed solar solutions like Arnergy's would replace petrol generators for millions of SMEs in Nigeria.

Gates claimed that it was a significant development for the market for renewable energy, not recognizing that many Nigerians depend on petrol generators.

He added that for scalability, it will be crucial to finance clients and lower system costs.

The modular Arnergy 5000 lithium battery energy storage systems (BESS) and its patented energy management hardware and Solarbase software, built by the company's creative young Nigerian engineers with an average age of 26 years, were highlighted by Femi Adeyemo, CEO of Arnergy.

The system enables leasing and payment of energy at a price less than what is now spent on diesel and petrol generators by lenders, channel partners, and consumers. Her real-time Internet of Things (IoT) remote monitoring and control of the power systems, which enables remote shutting off and turning on as well as energy efficiency advice from any location in the world on Android and iOS platforms, is incredibly popular with her existing customers.

He noted that their long-lasting, cost-competitive technology can offer practical alternatives, allowing many small and medium-sized enterprises (SMEs) and businesses to switch from fuel generators to BESS and insulate themselves from the effects of the loss of gasoline subsidies.

• “Our goal is to ensure that millions of SMEs are provided a platform to transition their businesses seamlessly to clean energy on the back of the petrol subsidy removal,” Adeyemo said.
• “With the solutions we have developed, SMEs can see 30 to 40% savings monthly compared to petrol expenses.”

For Rotimi Thomas, CEO of SunFi, it is not just about access to capital or how inexpensive the product is, but also about how quickly renewable energy is provided to clients and how much confidence customers have in purchasing a dependable product from Arnergy.

"Clients want it right away. Customers value quickness as well as the confidence that the system won't malfunction, he said.

The macroeconomic climate, according to Bunmi Adekore, Partner at Breakthrough Energy, allows for the acceleration of renewable energy.

The difficulty, according to him, lies in persuading more commercial banks to help customers by removing the upfront cost barrier.

Adekore believes that decentralization and modularization are essential for Nigeria's energy sector.

The central management of the grid over the previous few decades, according to Tubosun Alake, a former special adviser on innovation and technology to the governor of Lagos State, resulted in underinvestment. With the new electricity act's unbundling process underway, there is a significant chance for renewable energy to grow and play a significant role in the construction of the nation's energy infrastructure.

Femi Adeyemo, the founder of Arnergy, told Newsfill that while the company is open to partnerships, it will continue to establish processes to assure better innovation and more affordability.

According to him, "We are willing to partner with channel partners, distributors, and new financing partners to ensure that Nigerians can get this product, pay on a monthly basis, and even eventually have it 30 to 40% less expensive than what they would be spending using gasoline generators."

He continues, "Bill Gates' connection to us is through the investment partnership Breakthrough Energy Ventures (BEV). As the driving force behind a $US9 million equity round in 2019, we are their first investment in Africa.

He ends by saying, "Mr. Bill Gates now recognizes that Africa, especially Nigeria is ready for the commercialization of this solution and is aware that the petroleum subsidy has created a great opportunity.