In a major development for Africa’s energy sector, an American startup with significant operations in Nigeria’s clean energy space has raised a total of seventy-four million dollars in new funding. Odyssey Energy Solutions, a company based in Boulder, Colorado, announced on September 1, 2026, that it has secured new capital to expand its work in financing and supporting distributed renewable energy projects across emerging markets. This funding comprises twenty-seven million dollars in equity and forty-seven million dollars in debt, marking a strong vote of confidence in the company’s mission to bring reliable, clean power to areas that need it most.
What Odyssey Energy Solutions Does
Odyssey Energy Solutions runs a digital platform that connects solar installers and engineering and construction companies with the money and equipment they need to build clean energy projects. The company’s platform brings together more than six thousand solar installers and engineering firms from over fifty countries across Africa, Asia, and Latin America. Through this network, these small and medium-sized businesses can access a pool of three point six billion dollars in capital that has been made available for distributed energy projects.
Distributed renewable energy refers to power that is generated close to where it is used, rather than through large, centralised power plants that send electricity over long distances. This approach is especially important in places where the national electricity grid is weak or does not reach everyone. Odyssey’s platform helps these smaller companies get the equipment they need at better prices by combining their orders together, and it also provides credit along the supply chain to help them pay for materials before they start earning money from their projects. Since launching this procurement service in 2024, the platform has helped unlock one point five gigawatts of clean energy projects.
Why Nigeria Matters So Much
Nigeria is a central focus for Odyssey Energy Solutions, and for good reason. The country faces a severe electricity challenge. According to the International Finance Corporation, diesel backup generators supply more electricity in Nigeria than grid-connected power plants do. This means that millions of Nigerians and thousands of businesses rely on expensive, noisy, and polluting diesel generators to keep the lights on.
The situation has become even more difficult in recent times. Diesel prices in Nigeria rose by more than ninety-three per cent between February and April 2026, following supply disruptions. These rising costs have made solar power much more attractive as an alternative. When diesel becomes very expensive, the economic case for solar energy becomes stronger. This is where Odyssey’s work becomes so important. By helping solar installers get the equipment and financing they need, the company is enabling more clean energy projects to move forward quickly, offering Nigerians a cheaper and cleaner option than diesel generators.
Read Also: Solar Startup Ecosystem Booming in Nigeria Amid Electricity Crisis
How the Funding Will Be Used
The seventy-four million dollars will be used to deepen Odyssey’s procurement capabilities, expand its network of installers and suppliers, and increase the amount of money it channels into commercial, industrial, and other distributed energy projects. The company aims to address what its leaders call the “upstream financing gap.” This is the problem that many small and medium engineering and construction companies face when they try to buy equipment and start building projects, long before they receive any payment from customers.
Emily McAteer, the co-founder and chief executive officer of Odyssey Energy Solutions, explained that the focus of financing for distributed renewable energy has historically been on money that flows in only after a project is already built. This leaves a big gap for the companies that need working capital to buy equipment, finish construction, and unlock customer payments. Odyssey bridges this gap directly by providing these companies with the equipment pricing and financing they need to speed up project delivery.
Who Is Backing This Vision
The company has attracted a strong group of investors who believe in its approach. New equity investors in this round include Broadscale Group, FMO, and Al Mada Ventures. They are joining existing backers such as Union Square Ventures and Equal Ventures. On the debt side, lenders include British International Investment and other specialist energy funds. This mix of equity and debt financing shows that both types of investors see value in Odyssey’s platform model.
This latest round follows a fifteen million dollar Series A funding that the company completed in May 2023. With the new capital, Odyssey Energy Solutions has now raised a total of ninety-four million dollars, signalling growing confidence from the investment community.
A Watershed Moment for Clean Energy
Andrew Shapiro, the founder of Broadscale Group, described the current moment for distributed solar in emerging markets as a “watershed moment”. He argued that access to capital and procurement infrastructure are now the main obstacles to large-scale deployment of clean energy, and that Odyssey is well positioned to relieve these constraints. Co-founder and managing director Piyush Mathur added that engineering and construction companies and developers are expanding faster than their balance sheets can support, which increases the need for platforms that can bring together demand, provide credit, and standardise processes.
By enabling installers to work on more projects at the same time through better pricing and embedded credit, Odyssey expects to accelerate revenue growth for its partners while positioning itself as a critical bridge between capital and clean energy projects in emerging markets.
Read Also: Solar Startup Eja-Ice Secures $1 Million Funding to Expand Cold Storage Across Nigeria
International Investors Paying Attention to the Continent’s Energy Needs
This news is particularly significant because it shows that international investors are paying serious attention to the continent’s energy needs. Odyssey’s platform is already active in more than fifty countries, and its presence in Nigeria is a key part of its strategy. The company is also part of the inaugural portfolio of Multiplier, an advisory firm co-founded by former United States Department of Energy officials, which may help Odyssey build stronger relationships with major institutional investors.
The implications are clear. Odyssey is now better capitalised to capture rising demand for distributed renewables, especially in markets where grid infrastructure is weak and energy demand is growing fast. The company’s ability to bring together equipment purchasing and financing makes it a scalable way to channel money into small and medium-sized projects that have historically struggled to secure funding.
As solar and battery costs continue to fall, and as the cost of diesel and other fossil fuels remains high, the case for clean energy in Nigeria and across Africa becomes more compelling every day. Odyssey Energy Solutions is positioning itself to be at the centre of this transformation, helping to bring cleaner, cheaper, and more reliable electricity to millions of people.
