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Firm Secures Funding To Fix Electricity Woes
A Lagos-based energy and climate-tech start-up, PowerLabs, has raised a pre-seed funding round to tackle Nigeria’s fragmented and unreliable power systems.
The round was led by Breega, with participation from Catalyst Fund, Mercy Corps Ventures and Kaleo Ventures.
The company said in a statement by CEO & Co-Founder, Tobechukwu Arinze on Saturday that proceeds would be used to scale its artificial intelligence-enabled platform, Pai Enterprise, across commercial and industrial sectors in Nigeria and to support expansion into other West African markets.
The investment comes as companies across Nigeria grapple with persistent grid instability, forcing them to rely on a patchwork of diesel generators, rooftop solar systems, inverters and battery storage to maintain continuity.
Managing these disparate systems has become both costly and operationally complex.Continue Your, Reading. .
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