Daystar Power has announced a $10M investment from Verod Capital Management and Persistent Energy Capital LLC.
Founded in 2017, Daystar Power leases and operates captive power solutions that integrate solar power and battery storage for commercial and industrial clients in Nigeria and Ghana. In Nigeria alone, over $14B is spent annually on backup diesel generators used to supplement unreliable grid power supply. The high cost of power is a major barrier to building competitive Nigerian businesses and severely constrains the growth rate of sub-Saharan Africa’s largest economy. Daystar Power solutions range from 20 kWp to 5 MWp. These solutions deliver up to 25% savings and nearly 100% uptime while reducing carbon emissions from diesel generators.
“Within a short period of time, Daystar Power has forged strong energy partnerships with some of West Africa’s leading companies,” said Christian Wessels, Chairman at Daystar. “With Verod Capital Management, one of West Africa’s leading private equity investors, and Persistent, a leading investor and venture builder in the off-grid sector, we have attracted two major investors who share our excitement for solar power for commercial and industrial customers in Africa.”
“The commercial and industrial segment presents a credible path to scale and profitability in the off-grid sector,” said Olu Verheijen, Partner at Persistent. “Daystar’s solutions enable companies to redirect significant power cost savings into business growth while reducing their carbon footprint. We are very excited to partner with Daystar Power to unleash sustainable economic growth in Nigeria.”
Since inception, Daystar has installed almost 1MW of off-grid solar energy solutions to commercial and industrial customers across Nigeria and Ghana, and will use this investment to further accelerate its growth and expand its operations in these countries.
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