In a groundbreaking move set to transform Africa’s energy landscape, SteamaCo, a UK-based leader in energy revenue management, has merged with Shyft Power Solutions, a Nigerian innovator known for its digital energy solutions, particularly its community-metering technology. This merger is accompanied by a fresh round of funding led by Equator VC, with additional backing from Praetura Ventures and KawiSafi Ventures, who bring decades of experience investing in African and climate-tech ventures.
The merger combines two leaders in advanced metering solutions, positioning the new entity for rapid growth in the grid-connected energy market and expanding its customer base. SteamaCo, with more than a decade of experience, has provided advanced metering infrastructure (AMI) to energy companies across 20 African nations, helping to modernize the sector with innovations like AI-driven loss detection systems used by major power companies such as Aba Power. Its flagship product, Nimbus AMI, assists energy providers in managing networks, detecting losses, and improving customer service. Shyft Power Solutions, which entered the Nigerian market nearly eight years ago, offers cloud-based energy resource management systems and diesel management solutions, along with its recent innovation, FlexView, a metering solution that improves reliability and allows consumers to track energy usage in near real-time, removing the need for tokens.
The merger comes at a critical juncture. Recent regulatory shifts have opened up new investment opportunities for independent power producers (IPPs) and utilities, particularly in areas such as grid intelligence and metering. Rising energy costs are increasing the demand for reliable power solutions, especially in regions where over a billion people still lack access to quality energy. In Nigeria, roughly half of the population of 220 million is connected to the national grid, which struggles to meet daily demand. Even those connected to the grid experience frequent blackouts and often resort to expensive and polluting alternatives. Distributed energy solutions like solar home systems and mini-grids are key to addressing the energy access crisis, and the newly formed SteamaCo entity is poised to play a major role in helping both on-grid and off-grid power companies leverage data-driven solutions to improve efficiency, streamline revenue management, and reduce downtime.
“Our vision goes beyond providing cutting-edge technology; it’s about reshaping the energy experience for both providers and consumers,” said Shyft CEO Ugwem Eneyo. “Together, with our customers, we aim to leapfrog outdated grids and build smarter, more resilient infrastructure. Energy is a key driver of economic progress and sustainable cities, and our digital solutions are a vital part of creating the smart cities and sustainable communities of tomorrow.”
Tom Parkinson, Managing Director of SteamaCo, added, “This merger significantly strengthens our ability to expand across African markets. By combining SteamaCo’s advanced metering technology with Shyft’s local expertise, we can better serve our customers and address the unique challenges they face. Together, we will drive innovation, improve our services, and provide tailored solutions to Africa’s energy challenges.”
Nijhad Jamal, Managing Partner at Equator, commented, “This merger marks a critical milestone in the evolution of energy management across Africa. We are creating a powerhouse that will address some of the continent’s most pressing energy challenges. By integrating our efforts, we will enhance the sector’s capacity to deliver smart, reliable metering solutions and make significant progress in bridging Africa’s energy access gap.”
Both SteamaCo and Shyft’s executive teams will remain in place, and the merger is expected to create new jobs. Additionally, this move is a significant achievement for Shyft, an African deep-tech start-up led by women, especially given that, according to the Africa: The Big Deal database, only 13% of venture capital in Africa goes to female founders. The merged entity will have a predominantly female leadership team, marking an important step toward greater gender diversity in the African tech and energy sectors.
