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.