The European Bank for Reconstruction and Development (EBRD) has approved financing of up to $10 million for Nigerian energy technology startup Beacon Power Services (BPS), supporting a $20.9 million project to improve electricity distribution and grid management across Nigeria.
The investment will fund the deployment of smart meters and digital electricity management solutions across six of Nigeria’s 11 electricity distribution companies.
Under the financing arrangement, the EBRD loan will be complemented by an expected $7.5 million parallel financing facility, while equity investment will cover the remaining project costs.
Founded in 2014 by aerospace engineer Bimbola Adisa, Beacon Power Services develops digital infrastructure and software solutions that enable electricity distribution companies to monitor power networks, reduce operational losses and improve revenue collection.
The startup operates three major technology platforms: CAIMS, Adora and Xepp.
CAIMS helps utilities digitally map their electricity networks and customer information, while Adora uses artificial intelligence to support real-time billing, outage monitoring and predictive maintenance.
Xepp provides customers with tools to track electricity consumption, complete transactions and access renewable energy services.
Beacon Power Services has previously attracted investments from international financial institutions and venture capital firms, including Partech, Finnfund and Proparco.
In 2024, the company secured $9.1 million in Series A funding and has raised approximately $13.9 million across four funding rounds since 2022.
The latest financing comes as Nigeria continues to face challenges associated with inadequate metering infrastructure, electricity losses and billing inefficiencies.
According to figures cited from the Nigerian Electricity Regulatory Commission, approximately 4.7 million electricity customers remain without meters, forcing many households and businesses to depend on estimated billing.
These challenges have undermined customer confidence while limiting the ability of electricity distribution companies to recover revenue and finance infrastructure improvements.
Beacon Power Services seeks to address these issues by helping electricity providers identify network inefficiencies, improve operational visibility and strengthen financial performance.
The startup currently employs more than 200 people across Nigeria, Ghana, Kenya, Zambia and the United States.
Beyond electricity infrastructure, the EBRD investment reflects the institution’s expanding presence in Nigeria following the country’s inclusion as an EBRD country of operation in 2025.
The financing also highlights growing interest among development finance institutions in technology-driven solutions capable of improving the efficiency and commercial sustainability of Africa’s electricity sector.
About The Author
