Shyft Power Solutions, a Nigerian innovator in digital energy solutions that has gained popularity with its community-metering solutions, has been acquired by SteamaCo, a UK-based leader in energy revenue management, in a move to revolutionise Africa’s energy sector, while it has also secured new funding.
Shyft is an energy technology company that develops Internet of Things (IoT) 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.
SteamaCo, meanwhile, is an Anglo-African technology company that empowers energy providers to deliver reliable, productive, and affordable power to communities in emerging markets. The merger of the two parties occurs alongside a new funding round led by Equator VC and with participation from Praetura Ventures and KawiSafi Ventures.
“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,” said Shyft CEO Ugwem Eneyo.
Tom Parkison, MD of SteamaCo, said the merger greatly boosted his firm’s 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,” he said.
