Daystar Power secures $38m Series B round
Nigeria: Nigerian company Daystar Power, a provider of hybrid solar power solutions to businesses, has announced a Series B investment of US$38 million to help it deepen its presence in various West African markets.
Founded in 2017, Daystar Power is an off-grid power service provider whose solutions, “Solar-as-a-Service” and “Power-as-a-Service” provide clean and reliable power while significantly reducing clients’ overall power costs.
The company is active in Nigeria, Ghana, Togo, and Senegal, with a representative office in Ivory Coast, and has 23 megawatts of installed power capacity, and has offset approximately 5,000 MT of CO2 to date.
With the fundraising, Daystar Power will grow its operations in its key markets of Nigeria and Ghana, while deepening its presence in other regional countries. The company is on track to expand its installed capacity to over 100 megawatts, meeting demand from its clients in the financial services, manufacturing, agricultural, and natural resources sectors. Daystar Power will continue to enhance its digital offerings and expand its local teams.
“By offering our commercial and industrial clients cheaper, reliable, and cleaner power, we have seen a more than 50-fold increase in power-as-a-service revenue over the last two years,” said Jasper Graf von Hardenberg, chief executive officer (CEO) and co-founder of Daystar Power.
