Beacon Power Services Secures Series A Funding to Accelerate Sustainable Data-Driven Solutions for Africa’s Power Sector

Accra, November 7, 2024 – Beacon Power Services (BPS), an energy tech company providing data and grid management solutions to help Africa’s power sector distribute electricity more efficiently, today announced the closing of a Series A financing round for an undisclosed amount. The round was led by Partech, with participation from Finnfund, Gaia Impact, Proparco, and previous investors Kaleo Ventures and Seedstars Africa Ventures. Additional investors in this round include Clermount, Global Brain and its CVC partner JGC MIRAI Innovation Fund, and On.Capital. Clermount acted as a financial advisor to Beacon Power Services in this transaction. The funding will enable BPS to enhance its product offerings, support growth in its current operations, and expand into new markets across Eastern 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Africa’s power grids face significant challenges, with utilities struggling to provide consistent service due to outdated infrastructure and unreliable data.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 is transforming how African utilities manage the grid by providing data-driven solutions specifically designed to meet the unique needs of the continent’s power sector. CAIMS (Customer and Asset Information Management System) is an AI-enabled digital mapping (GIS) and address platform that helps utilities gather and organize data more effectively. This allows utilities to make smarter, data-driven decisions and deliver better service to millions of customers. ADORA offers real-time grid monitoring and control, helping utilities enhance operational efficiency and manage their power distribution more effectively to reduce outages. BPS products have already led to significant growth in Ghana, where BPS helped the Electricity Company of Ghana (ECG) fully digitize its operations, delivering reliable power to more than five million customers, while doubling revenue in just two years. With the Series A funding, BPS plans to continue enhancing its product offerings while expanding across the continent to address Africa’s grid challenges more effectively.

“With an exceptional track record in transforming grid management for utilities in Nigeria and Ghana, Beacon Power Services has established itself as a leader in addressing Africa’s energy challenges through data-driven solutions,” said Cyril Collon, General Partner at Partech. “We believe in the potential of African founders to solve the continent’s most pressing issues. BPS embodies the type of company our Partech Africa Fund II was created to support. We look forward to partnering with BPS as they scale their operations and increase their impact across Africa.”

“We are thrilled to invest alongside Partech in supporting the scale-up of BPS. The company has emerged as one of the most compelling solutions to address Africa’s growing energy infrastructure gap. Combining world-class technology, deep industry expertise, and unparalleled boots-on-the-ground execution capabilities, BPS is perfectly aligned with Gaia’s investment strategy,” declared Guilhem Dupuy, Partner at Gaia. “We noticed a remarkable wave of innovation happening at the intersection of utilities and distributed renewable energy recently, and companies like BPS are ideally positioned to efficiently tackle Africa’s pressing energy challenges.”

“We are at the forefront of transforming Africa’s energy infrastructure through advanced software that enables utilities to deliver more reliable electricity, optimize their operations, and decrease reliance on diesel generators. Central to our approach is providing real-time insights and actionable intelligence to utility companies across the continent. Energy challenges faced, especially in urban centers, cannot be resolved without the right data, which is the foundation of all our solutions,” said Bimbola Adisa, Founder & Chief Executive Officer of BPS.
Since its seed round in 2022, BPS has expanded significantly, now employing over 200 people across Ghana, Kenya, Nigeria, Zambia, and the U.S. 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 grow, it is prioritizing enhancements to its operational and R&D capabilities. With an impact on over 50 million consumers and businesses and more than 1 billion grid data points processed each day, BPS is well-positioned to drive a sustainable energy future across Africa.

Beacon Power Services is an energy tech company helping Africa’s power sector distribute electricity more efficiently with its data and grid management solutions. More information available at www.beaconpowerservices.com
Contact: info@bpsafrica.com