More
    HomeUpdatesSA’s Open Access Energy Raises Funding to Streamline Energy Transactions

    SA’s Open Access Energy Raises Funding to Streamline Energy Transactions

    Published on

    spot_img

    Open Access Energy (OAE), a software company focused on optimizing energy transactions, has secured R13.6 million ($752,000) in seed funding from investment firm Factor E Ventures. This initial tranche of a larger $1.5 million round will fuel the company’s growth, product development, and market expansion.

    Open Access Energy has developed innovative software solutions designed to streamline energy trading between independent power producers (IPPs), energy traders, consumers, and large-scale off-takers. By facilitating these transactions, the startup aims to play a pivotal role in transforming South Africa’s energy landscape.

    Founded in 2021 by Gerjo Hoffman and Christoff Albertyn, the company’s vision extends beyond optimizing energy trading. It seeks to enable “wheeling,” a process that allows electricity to be transported across the grid from one point to another. This could significantly enhance grid reliability, reduce carbon emissions, and create new revenue opportunities for IPPs.

    Specno will collaborate with OAE to accelerate product development and market penetration. “We believe that OAE’s software solutions can be deployed across the country, and we are committed to helping them achieve this goal,” Novitzkas added.

    The investment from Factor E Ventures underscores the growing interest in energy technology startups. The funding will enable OAE to scale its operations, expand its team, and invest in research and development.

    Latest articles

    Europe’s Top Bank Invests $15.7m in I&P’s Latest Fund Targeting African Startups

    The overall target fund size is between €60 million and €80 million.

    Five Months After Release, Binance Exec Reignites War with Nigeria

    “They all knew that the naira’s devaluation was a direct result of Tinubu’s monetary policy, which depegged the naira from the dollar. Instead of acknowledging this, they used Binance as a convenient villain.”

    Stellenbosch University Spin-off CubeSpace Secures $3m Funding from Futuregrowth

    CubeSpace has established itself as a key player in the SmallSat sector, providing cost-effective and reliable solutions that streamline satellite deployment.

    Flourish-Backed Madica Expands into North Africa with Four New Investments

    Madica ’s move into North Africa marks a significant expansion, having previously concentrated its investments in Southern and West Africa.

    More like this

    Europe’s Top Bank Invests $15.7m in I&P’s Latest Fund Targeting African Startups

    The overall target fund size is between €60 million and €80 million.

    Five Months After Release, Binance Exec Reignites War with Nigeria

    “They all knew that the naira’s devaluation was a direct result of Tinubu’s monetary policy, which depegged the naira from the dollar. Instead of acknowledging this, they used Binance as a convenient villain.”

    Stellenbosch University Spin-off CubeSpace Secures $3m Funding from Futuregrowth

    CubeSpace has established itself as a key player in the SmallSat sector, providing cost-effective and reliable solutions that streamline satellite deployment.