Beacon Power Services (BPS), a promising energy-tech startup, has recently secured undisclosed funds in a Series A financing round to expand its operations in Eastern and Southern Africa. The funding round was led by Partech, a renowned venture capital firm, with participation from other investors including FinnFund, Gaia Impact, Proparco Group, Kaleo Ventures, Seedstars Africa Ventures, Clermount, Global Brain, JCG Mirai, and On Capital.
The investment from Partech will provide BPS with valuable partnerships to scale its services and establish a strong presence in the African power sector. Founded in 2013 by Bimbola Adisa, Beacon Power Services specializes in providing data-centric and grid management solutions to address the electrical challenges faced across Africa, ultimately aiming to enhance efficiency in the continent’s power sector.
Africa currently has around 600 million people, representing 43% of the total population, who lack access to electricity, with the majority residing in sub-Saharan Africa. While some countries like Ghana, Rwanda, and Kenya are making progress towards achieving full access to electricity by 2030, others like Nigeria continue to face significant challenges in the power sector, with the national power grid experiencing multiple collapses in 2024 alone.
To tackle these challenges, BPS has developed two innovative AI-powered digital mapping tools: Customer and Asset Information Management System (CAIMS) and Adora. CAIMS focuses on collecting and organizing data to drive smarter service delivery, while Adora enables live tracking and power distribution management, leading to improved operational efficiency and reduced outages.
Having expanded into various African markets, BPS has successfully provided power to over 5 million customers through partnerships with organizations like the Electricity Company of Ghana (ECG), resulting in a significant revenue increase within just two years. In fact, ECG recently introduced a mobile application for electricity services in February 2024, further enhancing customer experience.
With its headquarters in Nigeria and Ghana, BPS leverages its diverse global team and flexible data-centric solutions to prioritize operational and R&D enhancements as part of its continuous growth strategy. The company currently serves over 50 million customers and employs over 200 individuals across Nigeria, Ghana, Kenya, Zambia, and the United States.
Partech’s investment in BPS aligns with its commitment to support startups at various stages of their growth journey through the Partech Africa Fund II. Cyril Collon, General Partner at Partech, expressed confidence in BPS’s ability to address Africa’s energy challenges through data-driven solutions and emphasized the firm’s dedication to partnering with the company as it expands its impact across the continent.
In conclusion, Beacon Power Services stands out as a leading player in revolutionizing grid management for utilities in Africa, with a strong focus on leveraging data-driven solutions to overcome the region’s energy challenges. With the support of strategic investors like Partech, BPS is well-positioned to make a significant impact in the African power sector and drive positive change for millions of people.
