UK-based SteamaCo has merged with Nigeria’s Shyft Power Solutions to accelerate the continent’s digital utility transformation.
This collaboration, announced Tuesday, unites two pioneers in energy technology, aligning their resources to improve access to reliable, smart energy solutions across Africa.
The merger, which coincides with a new funding round led by Equator VC with additional backing from Praetura Ventures and KawiSafi Ventures, positions the combined entity to advance into the grid-connected market and expand its customer base.
Both companies, known for their innovative metering technologies, aim to address the pressing need for dependable power access and better grid management tools across Africa’s energy sector.
Managing director of SteamaCo, Tom Parkinson, in a statement made available by LEADERSHIP expressed enthusiasm about the merger’s potential impact. “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,” he stated. “Together, we will foster innovation, improve our services, and provide effective, customised solutions to Africa’s energy issues.”
Shyft Power Solutions, founded eight years ago, has made significant strides in Nigeria’s energy market with its cloud-based, distributed energy resource management system.
Its latest metering product, FlexView, allows users to monitor energy consumption in near real-time, removing the need for traditional tokens. Ugwem Eneyo, CEO of Shyft, highlighted the broader vision behind the merger: “Our vision goes beyond delivering cutting-edge technology; it’s 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.”
The merger comes at a time when Africa’s energy needs are at a critical juncture. In Nigeria alone, approximately half of the 220 million population has access to the national grid, which still struggles to meet daily demands.
Even grid-connected households often face frequent blackouts, leaving millions to rely on costly, polluting alternatives. “With rising energy costs, there is a growing need for reliable power,” the joint statement explained.
“Distributed energy resources like solar home systems and mini-grids are essential solutions to address this energy access crisis.”
Equator’s managing partner, Nijhad Jamal, praised the merger’s potential for broader impact.
“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,” Jamal said. “This integration will enhance the sector’s ability to deliver reliable, smart metering solutions and drive significant progress in closing the energy access gap in Africa.”
The merger also marks a significant achievement for Shyft as a female-founded and -led tech company. According to data from Africa: The Big Deal, only 13 per cent of venture capital in Africa goes to female founders.
The statement noted that the newly formed entity would have a predominantly female African management team, emphasising their commitment to diversity and inclusive growth within the tech industry.
The management teams of SteamaCo and Shyft will remain in place, with new job opportunities expected to emerge as the combined company scales up operations across Africa.
For SteamaCo, which has over a decade of experience in energy revenue management across 20 African nations, the merger aligns with its mission to “drive sustainable development by making electricity accessible to millions,” according to Parkinson.
