Daystar Power secures $38mn through Series B investment round

Daystar Power, a leading hybrid solar power solutions provider, has recently secured $38 million in funding through a Series B investment round led by the Investment Fund for Developing Countries (IFU). This investment marks a significant milestone for the company as it aims to expand its operations in key markets such as Nigeria and Ghana, while also strengthening its presence in countries like Cote d'Ivoire, Senegal, and Togo. The CEO and Co-founder of Daystar Power, Jasper Graf Von Hardenberg, shared insights on the company's growth strategy and the outlook for the solar power market in Africa. The solar power market in Africa presents immense potential, with countries like Nigeria facing significant challenges in power generation and distribution. Daystar Power's innovative 'power as a service' offering has been a game-changer for businesses in West Africa, enabling them to access reliable and cost-effective power solutions. With plans to deploy 100 megawatts of solar power capacity in the next 30 months, Daystar Power is poised to drive the adoption of renewable energy solutions across the region. The company's focus on West Africa stems from the region being one of the highest diesel users on the continent, presenting a strategic opportunity for solar power adoption. Daystar Power aims to capture a market share of around 30% in the coming years, leveraging the recent funding to solidify its position as a market leader in the region. Looking ahead, the company projects double-digit growth in the solar power market, fueled by increased awareness among businesses about the benefits of solar energy. With strong market fundamentals and a commitment to sustainability, Daystar Power is well-positioned to shape the future of energy in West Africa and beyond.