Plentify, a pioneering climate tech company, has successfully closed a 50% oversubscribed funding round from top African and North American venture investors. This substantial financial injection will fuel Plentify’s growth within South Africa and support the commencement of its international expansion.
“Whether you’re trying to fix a weak grid like South Africa’s or make the transition to clean energy like every country in the world, the fundamental problem is the same — a mismatch between the timing of energy demand and clean energy supply. Plentify’s residential load management platform addresses this problem for 75% less than the cost of batteries,” explained Jon Kornik, Co-Founder and CEO of Plentify.
Founded in 2017 by Jon Kornik and Kailas Nair, Plentify’s suite of products connects to home appliances, enabling them to draw energy at optimal times. This not only ensures that appliances deliver their desired services but also generates significant savings on energy bills through efficiency gains. Additionally, it maximizes energy use during clean energy periods while minimizing it during constrained times. Their flagship product, HotBot, exemplifies this by connecting to electric water heaters and optimizing their energy use. HotBot contributes to a virtual power plant that shifts energy use from peak, costly times to periods when renewable energy is abundant.
“Plentify has built a product that has the potential to revolutionize home energy use in South Africa and beyond. We’re excited to back an exceptional team that is addressing critical energy challenges through sustainable, decentralized solutions,” noted Paras Patel, Managing Partner of E3 Capital, who led the funding round.
The round included a mix of existing and new investors, such as Third Sphere, TELUS Pollinator Fund for Good, Susquehanna Foundation, and Fireball Capital. This capital injection will enable Plentify to further accelerate its impressive growth. “In 2024, we have already deployed more than three times as many HotBots as in all of 2023,” remarked Kailas Nair, Plentify’s Co-Founder and Chief Growth Officer.
“This growth has come in partnership with leading South African companies like Balwin and Wetility, who are deploying Plentify technology alongside their solar and battery systems to deliver the most affordable clean energy.”
Plentify’s mission is to enable utilities, including those with rooftop solar panels, to deliver affordable, reliable, and clean energy. The company’s rapid growth has led to significant progress toward this mission. Their fleet of smart devices provides enough resilience to the grid to mitigate the equivalent of more than an hour of morning and evening blackouts per month in Cape Town.
The fresh capital will also allow Plentify to continue its expansion into new markets, where this South African-born technology has broad applicability. Shaun Abrahamson, Managing Partner at Third Sphere, commented, “Plentify may have cracked the code on how to architect energy management in the smart home of the future — enabling homes to cheaply and easily maximize their solar self-consumption.” Similarly, Paula Mokwena, CEO of Fireball Capital, remarked, “Plentify’s technology has great potential not only in South Africa but in any market with an established or growing residential solar market. This global potential underpins our investment thesis.”
Plentify’s ambitious growth goals are supported by a world-class team, which includes former leaders from Google, Tesla, Meta, NASA, Discovery Vitality, McKinsey & Co., and others. This team continues to drive the company’s innovation engine, ensuring it remains at the cutting edge of technology and business strategy.
As Plentify continues to expand and innovate, the industry watches closely. The company’s model of using intelligence to connect appliances with clean energy not only serves the needs of today’s markets but also sets a blueprint for the future of energy management in smart homes worldwide. With solid backing, a clear vision, and a capable team, this investment is set to unlock the next chapter for Plentify.