A UK-based SteamaCo has unveiled its merger with Shyft Power Solutions, a Nigerian innovator in digital energy solutions, in a landmark move to revolutionize Africa’s energy sector development.
SteamaCo is a leader in energy revenue management, while Shyft Power Solutions recently gained popularity with its community-metering solutions in the power sector.
A statement announcing the merger said on Tuesday in Abuja that the decision was taken alongside a new funding round led by Equator VC, with participation from Praetura Ventures and KawiSafi Ventures.
The partners said they are poised to collectively bring together decades of their experiences investing in African and climate-tech ventures.
“The merger unites two pioneers in advanced metering solutions, paving the way for rapid expansion into the grid-connected market and increased customer reach,” the statement said.
“SteamaCo has over a decade of experience providing advanced metering infrastructure (AMI) to energy companies across 20 African countries, transforming the energy sector with features like AI-driven loss detection for major power companies, including Aba Power.
“Its flagship product, Nimbus AMI, helps energy companies manage their networks, detect losses, and enhance customer service.
“Shyft Power Solutions entered the Nigerian market nearly eight years ago with its cloud-based distributed energy resource management system and diesel management solutions, introducing its latest metering solution, FlexView, which offers enhanced reliability and allows energy consumers to monitor usage in near real-time, eliminating the need for tokens,” the statement added.
The partners said the merger of SteamaCo and Shyft was coming at a pivotal moment in the development and growth of the country’s power sector.
Recent regulatory changes, they noted, have opened up new investment opportunities for independent power producers (IPPs) and utilities, particularly in grid intelligence and metering.
“With rising energy costs, there is a growing need for reliable power. Globally, over a billion people lack adequate access to quality power.
“In Nigeria, approximately half of the country’s 220 million population is connected to the national grid, which currently cannot meet daily energy demand.
“Even those connected to the grid frequently experience blackouts, as a result of incessant systems collapse, forcing them to rely on expensive and environment polluting alternatives. Distributed energy resources, like solar home systems and mini-grids, are essential solutions to address this energy access crisis.
“But this is changing, and the emerging SteamaCo entity is committed to playing a pivotal role in helping power companies, both on and off grid, leverage data-driven solutions to foster operational efficiency, streamlined revenue management, and mitigate downtime”, it explained.
The partners said their vision with the merger goes beyond delivering cutting-edge technology, but 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 catalyzing digital transformation with our solutions is a part of our overall commitment to enabling smart cities and sustainable communities”, Shyft’s CEO, Ugwem Eneyo, said.
The Managing Director of SteamaCo, Tom Parkison, said “this merger greatly boosts our 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”.
For the Managing Partner of Equator, Nijhad Jamal, “This merger represents a pivotal moment in the evolution of energy management across Africa. We are creating a powerhouse capable of addressing critical energy challenges.”
He said this integration would enhance the sector’s ability to deliver reliable, smart metering solutions and drive significant progress in closing the energy access gap in Africa.
The partners clarified that the executive management teams of SteamaCo and Shyft Power Solutions would remain in place, and job creation was anticipated.
They said the merger also represents a significant milestone for Shyft, a female- founded and led African deep-tech start-up, as, according to data from the Africa: The Big Deal database, only 13% of venture capital in Africa goes to female founders. The combined entity will result in a predominantly female African management team”, it added.
SteamaCo is an Anglo-African technology company that empowers energy providers to deliver reliable, productive, and affordable power to communities in emerging markets. Utilizing cutting-edge Iot and interoperable smart metering solutions, SteamaCo enables remote monitoring and control of distributed energy systems, ensuring efficient and scalable energy access.
With presence in over 20 countries, and a mission to bridge the energy gap for underserved populations, SteamaCo is committed to driving sustainable development by making electricity accessible to millions.
Shyft Power Solutions is an energy technology company that develops Iot (internet-of-things) 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.
Equator is a venture capital firm with teams in Nairobi, Lagos, London, and Colorado that targets technology-enabled, early-stage ventures in energy, agriculture and mobility that are accelerating an equitable climate transition in Sub-Saharan Africa and supporting inclusive economic growth.
