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EBRD approves $10M loan for Nigerian energy startup Beacon Power Services to support $20.9M grid modernisation project across six electricity distribution companies.
Amount Raised
$10 Million
Round Type
Debt Financing
ChicagoEnergySoftwareRenewable EnergyEnergy ManagementInvestors
Description
The European Bank for Reconstruction and Development (EBRD) has approved $10 million in financing for Nigerian energy technology startup Beacon Power Services to support a $20.9 million grid modernisation initiative. The EBRD loan will be complemented by $7.5 million in parallel financing, with equity investment covering remaining project costs. The funds will support deployment of smart meters and digital electricity management solutions across six of Nigeria's 11 electricity distribution companies. Beacon Power Services, founded in 2014, develops digital infrastructure solutions including platforms CAIMS, Adora and Xepp to help utilities manage networks and improve revenue collection.
Fundz sees it the moment Beacon Power Services raises, hires an exec or expands, usually minutes after it happens, and tells you who to reach.
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Beacon Power Services raised. Fundz records a round at a median of 3.6 minutes from the SEC filing, with the decision-maker attached.
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