Shyft Power Solutions, a pioneering Nigerian company specializing in digital energy solutions, has been acquired by SteamaCo, a UK-based leader in energy revenue management. This strategic acquisition marks a significant step toward revolutionizing Africa’s energy landscape. Alongside the merger, Shyft Power Solutions has also secured fresh funding, signaling robust growth and enhanced capacity for innovation.
Shyft Power Solutions develops advanced Internet of Things (IoT) hardware and integrated software designed to intelligently manage energy services. The company delivers innovative turnkey metering systems and develops patented monitoring and control solutions, actively tackling real-world energy challenges while prioritizing exceptional user experiences.
SteamaCo, an Anglo-African technology firm, specializes in empowering energy providers to deliver reliable, affordable, and sustainable power in emerging markets. Their sophisticated energy revenue management systems have made them a trusted partner in driving access to energy across Africa.
The merger, combined with a new funding round led by Equator Ventures with participation from Praetura Ventures and KawiSafi Ventures, underscores the shared vision of both companies to transform energy delivery systems significantly in Africa.
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Ugwem Eneyo, CEO of Shyft Power Solutions, highlighted the broader impact of the merger “Our vision extends beyond providing state-of-the-art technology. It’s about transforming the energy experience for providers and consumers. Together with our partners and customers, we aim to leapfrog outdated grids, building intelligent and resilient energy infrastructure that powers economic growth and sustainable communities. Digital transformation is at the core of our mission to enable smart cities and sustainable energy ecosystems.”
Tom Parkison, Managing Director of SteamaCo, echoed these sentiments, emphasizing the value of collaboration “Combining SteamaCo’s advanced metering technology with Shyft’s deep local expertise enables us to address Africa’s unique energy needs more effectively. This partnership represents a leap forward in innovation, allowing us to provide tailored, impactful solutions to the energy challenges faced across the continent.”
This merger sets a compelling precedent for leveraging technology, local expertise, and global partnerships to address Africa’s critical energy needs while paving the way for more sustainable urban development.
