In a move to revolutionize Africa’s energy sector, SteamaCo, a UK-based leader in energy revenue management, has merged with Shyft Power Solutions, to provide services to enable energy companies to manage their networks, detect losses, and enhance customer service.
The merger occurred alongside a new funding round led by Equator VC and with participation from Praetura Ventures and KawiSafi Ventures, which collectively bring together decades of experience investing in African and climate-tech ventures, said a statement released by the firms on Tuesday.
The companies in a statement on Tuesday said that the merger is aimed to drive advanced metering solutions, paving the way for rapid expansion into the grid-connected market and increased customer reach.
It also noted that the regulatory changes in the Nigerian electricity industry opened up new investment opportunities for independent power producers (IPPs) and utilities, particularly in grid intelligence and metering.
“With rising energy costs, there is a growing need for reliable power. Globally, over a billion people lack adequate access to quality power. In Nigeria, approximately half of the country’s 220 million population is connected to the national grid, which currently cannot meet daily energy demand.
“Even those connected to the grid frequently experience blackouts, forcing them to rely on expensive and polluting alternatives. Distributed energy resources like solar home systems and mini-grids are essential solutions to address this energy access crisis.
“But this is changing, and the emerging SteamaCo entity is committed to playing a pivotal role in helping power companies, both on and off the grid, leverage data-driven solutions to foster operational efficiency, streamlined revenue management, and mitigate downtime”, the statement read.
Commenting on the merger, Ugwem Eneyo, CEO of Shyft Power Solutions said, “Our vision goes beyond delivering cutting-edge technology; it’s about transforming the energy experience of power providers and their consumers. Alongside our customers, we can leapfrog inefficient grids and build more intelligent, resilient infrastructure.
“Power plays a critical role in economic advancement and enabling sustainable cities, so catalyzing digital transformation with our solutions is a part of our overall commitment to enabling smart cities and sustainable communities.”
For Tom Parkison, MD of SteamaCo, the merger is expected to boost the ability to grow in African markets. “By combining our advanced metering technology with Shyft’s local expertise, we can better meet our customers’ specific needs. Together, we will foster innovation, improve our services, and provide effective, customized solutions to Africa’s energy issues.”
For Nijhad Jamal, Managing Partner of Equator: “This merger represents a pivotal moment in the evolution of energy management across Africa. We are creating a powerhouse capable of addressing critical energy challenges. This integration will enhance the sector’s ability to deliver reliable, smart metering solutions and drive significant progress in closing the energy access gap in Africa.”
SteamaCo is an Anglo-African technology company that empowers energy providers to deliver reliable, productive, and affordable power to communities in emerging markets. Utilizing cutting-edge IoT and interoperable smart metering solutions, SteamaCo enables remote monitoring and control of distributed energy systems, ensuring efficient and scalable energy access.
With a presence in over 20 countries, and a mission to bridge the energy gap for underserved populations, SteamaCo is committed to driving sustainable development by making electricity accessible to millions.
Shyft Power Solutions is an energy technology company that develops IoT (internet-of-things) hardware and integrated software to manage energy services intelligently. From novel turnkey metering solutions to patented monitoring and control solutions, Shyft is dedicated to delivering exceptional energy experiences and solving real energy challenges.
Equator is a venture capital firm with teams in Nairobi, Lagos, London, and Colorado that targets technology-enabled, early-stage ventures in energy, agriculture and mobility that are accelerating an equitable climate transition in Sub-Saharan Africa and supporting inclusive economic growth.
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