Rana Energy raises $3 million pre-seed of equity and debt for solar in Nigeria

Rana has raised $3 million in a pre-seed round that combines $500,000 in equity with a $2.5 million local-currency green debt facility. Launch Base Africa reported on 15 October. Techstars and EchoVC Partners invested in the equity portion, alongside angels Chinedu Azodoh and Tayo Bamiduro, who co-founded mobility startup MAX. Optimum Global arranged the debt note, which was backed by Nigerian asset manager FSDH Asset Management.

What Rana does

The company provides solar and battery storage to businesses through subscriptions, with no upfront installation cost. Its Virtual Solar Network software uses AI to forecast demand, bundle projects into investor portfolios and monitor systems remotely. Abraham Mohammed is chief executive and Mubarak Popoola is co-founder and chief technology officer. They founded Rana in 2023.

Traction

Rana has deployed 1.3 MW of solar and storage in about 18 months, with 99.9% uptime. It says clients have cut diesel dependence by over 80% and energy costs by up to 30%. One installation is a solar carpark at the National Defence College in Abuja.

Plans

The equity will fund technology development and team growth, while the debt finances solar and battery assets deployed for customers. Rana plans to grow its asset base to 10 MW within 12 months, with Ghana and Zambia as the first expansion markets. "Execution is everything in this market, and Rana delivers at lightning pace," said Mubarak Popoola, co-founder and chief technology officer.

At a glance

• Company: Rana Energy
• Raised: $3 million ($500,000 equity, $2.5 million debt)
• Round or Type: Pre-seed
• Investors: Techstars, EchoVC, Optimum Global, FSDH Asset Management
• Founded: 2023
• Markets: Nigeria, then Ghana and Zambia
• Key number: 1.3 MW deployed