Kenyan-born entrepreneur, Jonathan Shaw on Monday, July 3, secured Ksh5.6 billion (USD 40 million) to expand his renewable energy startup in the Democratic Republic of Congo (DRC).
Shaw, Nuru's Chief Executive Officer (CEO), is set to construct the largest mini-grid in sub-Saharan Africa.
The businessman is expected to utilise the funds to establish Goma, Kindu and Bunia projects in DRC. The mini-grid projects are touted to boast DRC with a power capacity of 13.7 MWp.
Nuru will then focus on the Bunia site, set to become the largest off-grid solar hybrid metro grid in Sub-Saharan Africa. By combining solar power and batteries, the new transformational projects will build upon its existing operating assets in four other cities in eastern DRC.
International Finance Corporation, Global Energy Alliance for People and Planet remitted the Series B funding equity to Nuru startup.
Shaw, the cofounder of Nuru, expressed gratitude after receiving the funds while announcing that it help the company set pace in pushing African countries to adopt clean energy.
The Kenyan-born CEO further announced that the funds will catapult the company's ambition to connect 5 million people to clean energy by September 2024.
"We are thrilled to partner with such a dynamic group of investors who are keen to drive our vision of expanding energy access and transforming 5 million lives in the DRC. Closing the Series B is a significant milestone in Nuru’s journey, but also demonstrates the viability of the metrogrid model in the distributed energy sector in Africa," Shaw stated.
"Nuru extends its heartfelt appreciation to the consortium of investors for their visionary support and unwavering commitment to Nuru’s vision. Together, we will continue to illuminate lives, drive economic growth, and empower communities across the DRC," he added.
The company was first established under the name Kivu Green Energy in August 2015. In September 2019, the company changed its name and decided to expand beyond Kivu to other parts of DRC.
Besides his investment in Nuru, Shaw is also the founder of Cafe Kivu and other entrepreneurial projects in DRC.
