Watt Renewable Corporation
Overview
WATT Renewable Corporation, a private company based in Sherwood Park, Alberta, Canada, focuses on delivering clean energy solutions globally. Founded in 2016, WATT Renewable provides off-grid, micro-grid, and grid-tied solar solutions that include project development, engineering, and plant operation. As of December 2024, the company has secured funding from investors such as Empower New Energy, raising $28 million in total through multiple rounds to support its projects across Nigeria and Africa.
Recent Developments
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December 11, 2024: WATT secured a $15 million debt facility from the AFRIGREEN Debt Impact Fund, aiming to enhance its hybrid solar power plants in Nigeria. These funds will primarily serve the telecommunications and financial services sectors, reducing diesel consumption and CO2 emissions.
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November 21, 2023: WATT announced a strategic partnership with Clear Blue Technologies to deliver hybrid solar solutions across Nigeria and Africa, involving 1000 solar hybrid systems deployment over three years. Initial shipments began in the fourth quarter of 2023.
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October 2023: WATT received $13 million from Empower New Energy to expand its renewable energy capacity in Nigeria, focusing on increasing its installed capacity by 8MW with 14.3MWh storage. This move aims to improve the reliability of power supply for telecom infrastructure.
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September 2023: WATT won a contract to upgrade Airtel towers in Nigeria with over 32MW of solar PV and storage, solidifying its position in providing Energy-as-a-Service for telecoms.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2016 |
| Headquarters | Sherwood Park, Alberta, Canada |
| Founders | Oluwole Eweje |
| Revenue | Not disclosed |
| Profits | Not disclosed |
| Key Investors | Empower New Energy, AFRIGREEN Debt Impact Fund |
| Industry | Renewable Energy |
| Number of Employees | Approximately 51-200 |
Early History
WATT Renewable Corporation was founded in 2016 in Sherwood Park, Alberta, by Oluwole Eweje. Initially focusing on off-grid and micro-grid solutions, the company quickly expanded into large-scale solar projects. Early strategic partnerships with companies like Pan African Towers highlighted their capacity to provide comprehensive solar energy solutions in Nigeria. Funding rounds from entities like Empower New Energy catalyzed their growth, enabling the deployment of advanced solar infrastructure across emerging markets.
Company Profile and Achievements
WATT Renewable Corporation operates a business model centered around hybrid solar solutions tailored for telecommunications and financial institutions primarily across Africa. The company's major achievements include:
- Securing Significant Investments: Over $28 million has been secured through multiple funding rounds, supporting its ambitious solar deployment projects.
- Strategic Partnerships: Partnership with Clear Blue Technologies expands their technological capabilities, focusing on integrating smart power solutions within their solar systems.
- Extensive Deployment: Successful installation and management of over 800 telecom sites with solar power solutions in Nigeria.
- Regional Impact: Provides substantial emissions reductions and diesel usage savings, emphasizing its eco-friendly mission.
Current Operations and Market Position
WATT Renewable Corporation is actively deploying hybrid solar solutions across Nigeria and other African regions. It holds a competitive advantage through its Energy-as-a-Service model, ensuring 99.9% power reliability. The company's strategic alignments and innovative solar technologies help secure a strong market position, serving critical infrastructure sectors like telecom. As of late 2024, WATT is focusing on further expansion and tapping into markets that exhibit high growth potential in solar energy.
First WATT Renewable Limited
WATT operates in Sub-Saharan Africa through its subsidiary, First WATT Renewable Limited, channeling its efforts in developing sustainable infrastructures. The subsidiary plays a critical role in expanding WATT’s footprint by focusing on local projects and community engagement in Africa.
Watt Energetic Tech
WATT’s approach to Energetic Tech involves leveraging smart off-grid technologies for enhanced operational efficiencies and sustainability. This includes adopting Clear Blue’s technology platform, which streamlines data analytics and energy management, catering to African market demands.
Conclusion
WATT Renewable Corporation's impact on the renewable energy landscape, particularly in emerging markets like Nigeria, represents a significant stride towards sustainable development. Its innovative approach to solar solutions, backed by robust partnerships and investments, positions WATT as a leader in mitigating energy challenges within telecom and other sectors. With continued expansion and technological innovation, WATT is poised for further growth, aligning with global renewable energy goals.