In an effort to transform Africa’s energy industry, SteamaCo, a UK-based leader in energy revenue management, has acquired Shyft Power Solutions, a Nigerian innovator in digital energy solutions that has become well-known for its community-metering solutions. Additionally, the company has obtained new funding.
Shyft is an energy technology company that creates integrated software and Internet of Things (IoT) hardware for intelligent energy service management. Shyft is committed to providing outstanding energy experiences and resolving actual energy challenges, from innovative turnkey metering solutions to patented monitoring and control solutions.
In contrast, SteamaCo is an Anglo-African technology company that enables energy providers to supply communities in emerging markets with dependable, efficient, and reasonably priced power. Alongside the two parties’ merger, Equator VC is leading a fresh round of funding, in which Praetura Ventures and KawiSafi Ventures are also participating.
“Our vision goes beyond delivering cutting-edge technology; it’s about transforming the energy experience of power providers and their consumers. Alongside our customers, we can leapfrog inefficient grids and build more intelligent, resilient infrastructure. Power plays a critical role in economic advancement and enabling sustainable cities, so catalysing digital transformation with our solutions is a part of our overall commitment to enabling smart cities and sustainable communities,” said Shyft CEO Ugwem Eneyo.
According to SteamaCo’s MD, Tom Parkison, the merger significantly increased his company’s capacity to expand in African markets.
“By combining our advanced metering technology with Shyft’s local expertise, we can better meet our customers’ specific needs. Together, we will foster innovation, improve our services, and provide effective, customized solutions to Africa’s energy issues,” he said.
