Nigerian Solar Energy Startup, Shyft Power Solutions, Raises $3.1m Seed Round

SHYFT Power Solutions, a Lagos and San Francisco-based company that develops IoT and software to improve distributed energy resource performance and operational efficiency in emerging markets, has raised an additional $3.1 million in seed funding, bringing its total seed round to $3.8 million.

Ugwem Eneyo, Co-Founder & CEO SHYFT
Ugwem Eneyo, Co-Founder & CEO SHYFT

I founded SHYFT to build the technology that can enable and accelerate this transition, and ensure that on the path to reliable energy access, the use of cleaner solutions can mitigate carbon emissions as well. We are fortunate to have investors supporting us where their sector and global experience will be invaluable,” Ugwem Eneyo, Co-Founder & CEO SHYFT said.

Here Is What You Need To Know

  • The SoftBank Vision Fund’s Emerge Program and Total Carbon Neutrality Ventures led the funding round, which included participation from other investors such as Lofty Inc, Samurai Ventures, and Urban US Ventures.
  • SHYFT intends to use this new round of funding to double its team in West Africa over the next year, with an emphasis on improving AI capabilities for device optimization using its data and algorithms. In addition, the company will seek to form corporate alliances and grow into other African markets that face similar energy challenges.

Why The Investors Invested

The Emerge Program of the SoftBank Vision Fund was launched in 2019 to provide selected startups with the resources, networks, and funding they need to take their businesses to the next stage. Total Carbon Neutrality Ventures is dedicated to identifying, financing, and nurturing high-potential startups that will help to achieve a low-carbon future.

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Energy is an essential need for all, yet it is estimated that more than 3.5 billion people globally lack access to affordable and reliable electricity. SHYFT’s technology will play a critical role in a global movement to democratize the way people manage their power sources. They’ve developed data-driven software that enables homeowners and businesses in emerging markets to make smarter decisions on their energy use in order to cut costs and reduce emissions. We are delighted to support SHYFT’s momentum as Ugwem and the team continues to expand their impact and help build a better energy future for the world,” Ademidun Edosomwan, Managing Director, Emerging Markets at Total Carbon Neutrality Ventures (TCNV), said. 

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A Look At What The Startup Does

Stanford engineers created SHYFT to address the challenges of providing and scaling safe, secure, and accessible energy solutions in emerging markets with inadequate grids or limited access to energy.

SHYFT’s initial target is Nigeria, which is on track to become the world’s third most populous country after China and India, but where an inefficient grid has led to widespread reliance on generators, which account for nearly 8x the grid’s capacity.

SHYFT’s customers and strategic partners include Daystar Power Solutions and Aspire Power Solutions, two of Nigeria’s largest and fastest-growing renewable energy firms. The company started ramping up sales across Nigeria with their customers over the past year after passing vital IEC safety training for their controllers.

SHYFT Power Solutions

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer