Grace Ashiru
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 aimed at improving electricity distribution and grid management across Nigeria.
The investment will support the deployment of smart meters and digital electricity management solutions across six of Nigeria’s 11 electricity distribution companies.
According to 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 help electricity distribution companies 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 for tracking electricity consumption, completing transactions and accessing renewable energy services.
Beacon Power Services has previously attracted investment from international financial institutions and venture capital firms, including Partech, Finnfund and Proparco.
The company secured a $9.1 million Series A funding round in 2024 and has raised approximately $13.9 million across four funding rounds since 2022.
The latest financing comes as Nigeria continues to struggle 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 rely on estimated billing.
These challenges have affected customer confidence while limiting the ability of distribution companies to recover revenue and finance infrastructure improvements.
Beacon Power Services aims to address these problems by enabling electricity providers to 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 demonstrates growing interest from development finance institutions in technology-driven solutions that could improve the efficiency and commercial sustainability of Africa’s electricity sector.
