# Rensource

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/rensource

- Industry: Renewable Energy
- Headquarters: Lagos, Nigeria
- Website: www.rensource.energy
- Total disclosed funding: $21M
- Latest round: Series A (Dec 17, 2019)
- Investors on record: 10

## About

Rensource Inc. specializes in developing and managing solar-hybrid captive power solutions for the commercial and industrial sector across Africa, striving to enhance energy access and cost efficiency.Founded in 2015 and headquartered in Lagos, Nigeria, Rensource Energy provides solar-hybrid power solutions. The company has successfully completed 5 deals, with its most recent funding round being a Series A securing USD 20.00 mn on December 17, 2019, co-led by CRE and Omidyar Network, among other investors.Rensource Energy focuses on developing, financing, and managing solar-hybrid captive power solutions specifically designed for the commercial and industrial (C&I) sector across various African markets. Their core offerings include the deployment of solar photovoltaic (PV) systems complemented by fossil-fuel sources, such as diesel and natural gas, along with battery storage solutions, which provide clients with reliable power while significantly reducing energy costs. Rensource's services target a diverse client base that includes businesses in agriculture, education, and retail, with notable projects supporting entities like Valentine Chickens in Nigeria and Rubis Energie in Kenya. These solutions aim to address the energy gap faced by enterprises by ensuring a stable and efficient power supply, thus enhancing productivity and operational efficiency. The geographical markets served by Rensource extend beyond Nigeria, reaching clients in West Africa and other regions where energy access remains a challenge.Rensource Energy generates revenue through its tailored energy solutions, structured around long-term service agreements with clients in the C&I sector. Transactions typically operate on a business-to-business (B2B) model, with customers engaging in flexible pricing plans that can be based on fixed rates, variable pricing, or per kilowatt-hour tariffs. This pricing structure allows businesses to align energy costs with their operational needs while mitigating budget uncertainties. The company's flagship services, including large-scale solar PV installations, are designed to optimize energy efficiency and minimize carbon footprints for clients. By offering customized solutions, Rensource fosters partnerships that support sustainable energy practices and foster economic growth across its operational territories.Rensource Inc. plans to leverage its recent Series A funding of USD 20.00 mn raised in December 2019 to expand its product offerings and market reach. The company aims to introduce new solar-hybrid solutions targeting additional commercial sectors by 2022. Furthermore, Rensource intends to enhance its presence beyond Nigeria, focusing on West African markets where energy access remains critical, and plans to establish a foothold in other regions of Africa by 2023.

## Funding rounds

- Series A, Dec 17, 2019, $20M — Proparco, Omidyar Network, I&P, SIN Capital Group, Inspired Evolution Investment Management, CRE
- Seed, Feb 1, 2016, $1.1M — CRE, Blue Rinc Capital, Greenhouse Capital, Sissili Limited, Frankford Re

## Investors

- CRE (https://capitalatlas.ai/funds/cre) — Seed, Series A
- Blue Rinc Capital — Seed
- Greenhouse Capital (https://capitalatlas.ai/funds/greenhouse-capital) — Seed
- Sissili Limited — Seed
- Frankford Re — Seed
- Proparco (https://capitalatlas.ai/funds/proparco) — Series A
- Omidyar Network (https://capitalatlas.ai/funds/omidyar-network) — Series A
- I&P (https://capitalatlas.ai/funds/i-p) — Series A
- SIN Capital Group — Series A
- Inspired Evolution Investment Management (https://capitalatlas.ai/funds/inspired-evolution-investment-management) — Series A