ACCRA, Ghana, 07 November 2024 -/African Media Agency (AMA)/- Beacon Power Services (BPS), energy technology company providing data and network management solutions to help the African technology sector distribute electricity electricity more efficiently, today announced the closing of a Series A financing round for an undisclosed amount. This round was led by Partech, with the participation of Finnfund, Gaia Impact, Proparco and historical investors Kaleo Ventures and Seedstars Africa Ventures. Other investors include Clermount, Global Brain and its CVC partner JGC MIRAI Innovation Fund, and On.Capital. Clermount acted as financial advisor to Beacon Power Services in connection with this transaction. This funding will enable BPS to expand its product offerings, support the growth of its current operations and expand into new markets in East and Southern Africa.
Africa’s power grids face significant challenges, with utilities struggling to provide consistent service due to outdated infrastructure and unreliable data. BPS transforms network management by African utilities by providing data-driven solutions, specifically designed to meet the unique needs of the continent’s energy sector. The Customer and Asset Information Manager System (CAIMS) is an AI-enabled digital mapping and addressing (GIS) platform that helps utilities collect and organize data more effectively. It enables smarter, data-driven decision-making and the provision of better service to millions of customers. ADORA provides real-time network monitoring and control, for greater operational efficiency and efficient management of electricity distribution while reducing outages. BPS’ products have already led to significant growth in Ghana, where BPS helped the Electricity Company of Ghana (ECG) fully digitalize its operations, providing reliable electricity to more than five million customers, while doubling revenues. income in just two years. With the Series A funding, BPS plans to continue enhancing its product offerings while expanding across the continent to more effectively address African networking challenges.
“With an exceptional track record in transforming network management for utilities in Nigeria and Ghana, Beacon Power Services has established itself as a leader in solving Africa’s energy challenges through its power-based solutions. data,” said Cyril Collon, General Partner at Partech. “We believe in the potential of African founders to solve the continent’s most pressing problems, and BPS embodies the type of business for which we created our Partech Africa II fund. We look forward to partnering with BPS as they expand their operations and increase their impact across Africa. »
“We are very pleased to invest alongside Partech to support the pan-African development of BPS. BPS’ action is particularly aligned with Proparco’s VC mandate dedicated to supporting innovative start-ups on the continent. Thus, through its sophisticated solutions, BPS (i) provides a concrete response to the essential problem of the quality of electricity networks and (ii) constitutes a perfect example of the capacity to mobilize the private sector on crucial development issues. We are therefore very enthusiastic about this new partnership which demonstrates the sustainability of the AFD group’s action on the issue of electricity networks in Africa” declared Fabrice Perez, head of the VC division of Proparco.
“We are at the forefront of transforming Africa’s energy infrastructure with advanced software that enables utilities to deliver more reliable electricity, optimize their operations and reduce their reliance on diesel generators. At the heart of our approach is providing real-time information and actionable intelligence to power companies across the continent. Energy challenges, especially in urban centers, cannot be solved without the right data, which is the basis of all our solutions,” said Bimbola Adisa, Founder and Managing Director at BPS.
Since its seed round in 2022, BPS has grown significantly, now employing over 200 people in Ghana, Kenya, Nigeria, Zambia and the United States. This growth highlights the company’s commitment to addressing Africa’s energy challenges through a global team and scalable data-driven solutions. As BPS continues to expand, it prioritizes improving its operational and research and development capabilities. With impact on over 50 million consumers and businesses and over a billion network data points processed every day, BPS is well positioned to push a sustainable energy future across Africa.
Distributed by African Media Agency (AMA) pour Beacon Power Services.
Beacon Power Services is an energy technology company, helping the African energy sector distribute electricity more efficiently through its data and network management solutions.
More information is available here: www.beaconpowerservices.com
Contact: [email protected]
About Partech
Partech is a global technology investment firm headquartered in Paris with offices in Berlin, Dakar, Dubai, Nairobi and San Francisco. Partech brings together capital, operational experience and strategic support to support entrepreneurs from seed to growth. Partech was born in San Francisco 40 years ago and today manages 2.5 billion euros in assets under management for a current portfolio of 220 companies spread across 40 countries and on 4 continents.
About Proparco
Proparco, a subsidiary of the French Development Agency group, has been working for more than 45 years alongside private actors in the service of a fairer and more sustainable world. With an international network of 25 local locations, Proparco is close to its partners to build sustainable solutions in response to environmental and social challenges in Africa, the Middle East, Asia and Latin America. Proparco has sectoral expertise, a range of diversified financial tools adapted to the different stages of development of the company, particularly with its subsidiary Digital Africa and a technical support offer Propulse, to multiply the impacts and the performance of its partners.
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Source : African Media Agency (AMA)
2024-11-07 12:53:00
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The article discusses Beacon Power Services (BPS), an energy technology company focused on improving electricity distribution in Africa through data and network management solutions. Recently, BPS announced the successful closing of a Series A financing round led by Partech, with participation from other investors including Finnfund, Gaia Impact, Proparco, and Kaleo Ventures.
The funding will allow BPS to expand its product offerings and grow its operations, particularly into new markets in East and Southern Africa. BPS aims to address significant challenges within Africa’s power grids, which often suffer from outdated infrastructure and unreliable service. Their tools, such as the Customer and Asset Information Manager System (CAIMS) and ADORA for real-time network monitoring, have already made a considerable impact in Ghana, helping to digitalize operations for the Electricity Company of Ghana (ECG).
Cyril Collon from Partech highlighted BPS’s proven track record of transforming network management for utilities in Nigeria and Ghana, emphasizing the potential of African founders to tackle the continent’s pressing issues. Fabrice Perez from Proparco added that BPS’s solutions directly address electricity network quality challenges while mobilizing the private sector toward sustainable development.
The growth achieved by BPS since its seed round in 2022 is notable, with over 200 employees across multiple countries, showcasing a strong commitment to tackling Africa’s energy issues. BPS has impacted over 50 million consumers and processes over a billion data points daily, positioning itself as a key player in driving a sustainable energy future in Africa.
For more information about BPS, visit their website or contact them directly.
