Open Access Energy secures seed fund to aid renewable energy distribution in South Africa
Open Access Energy (OAE), a South African startup that focuses on energy management software, has raised $750,000 from Factor E Ventures. This investment is part of their $1.5 million seed funding round.
OAE plans to use this initial funding to address South Africa’s serious energy issues by improving how renewable energy is distributed and managed.
South Africa’s energy sector struggles with high costs and an unstable grid. OAE believes its solutions could greatly help the country move towards a more sustainable and decentralized energy system.
Gerjo Hoffman, CEO of OAE, stated, “Factor E Ventures’ investment comes at a key moment for our company and South Africa’s energy sector. Their support will help us decentralize energy and ensure everyone in South Africa has access to clean power. It will also boost our ability to innovate and expand our market presence.”
OAE intends to enhance its technology and grow its operations with this funding. Their software platforms, Amptera and Energypro, are designed to manage real-time energy transactions and improve energy management, especially for areas previously reliant on coal power.
The company’s technology connects renewable energy sources to areas with high demand, offering benefits like better grid stability, lower costs, and cleaner energy. It also provides new revenue opportunities for independent power producers (IPPs).
Tenbite Ermias, a Partner at Factor E Ventures, said, “We’re thrilled to lead this first investment in OAE’s $1.5 million seed round. OAE is in a strong position to address South Africa’s energy challenges and promote renewable energy. Our support reflects our confidence in their potential impact.”
Founded in 2021, OAE aims to become a key player in energy management. As South Africa accelerates its shift towards renewable energy, OAE’s technology is expected to be crucial in helping the country’s energy market adapt and grow.
