A United Kingdom-based energy revenue management company, SteamCo, has announced a merger with Nigerian Shyft Power Solutions to end national grid collapses and energy crises in Nigeria and Africa.
The company said the move was necessary to tackle the age-long power sector crisis in Nigeria and Africa through digital energy, community-metering and other solutions.
The merger comes with historic investment led by Equator VC and with participation from Praetura Ventures and KawiSafi Ventures in the continental energy sector, especially Nigerian Independent Power Producers (IPPs), 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 grid, leverage data-driven solutions to foster operational efficiency, streamline revenue management, and mitigate downtime.
“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 catalysing digital transformation with our solutions is a part of our overall commitment to enabling smart cities and sustainable communities,” Shyft’s Chief Executive Officer, Ugwem Eneyo, stated.
On his part, Tom Parkison, MD of SteamaCo, observed, “This merger greatly boosts our 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, customised solutions to Africa’s energy issues.”.
The development comes amid the incessant national grid collapses in Nigeria.
On Tuesday, Nigeria’s grid experienced another grid collapse.
