Open Access Energy (OAE) has secured funding from climate-focused investors E3 Capital, Equator VC, and Factor E Ventures to support the expansion of its core product, EnergyPro. This cloud-based software facilitates energy wheeling, allowing the transmission of electricity from distributed renewable sources to consumers through the existing power grid.
Founded in 2021, OAE is addressing South Africa’s energy reliability challenges while contributing to the country’s transition from coal to renewable energy. The EnergyPro platform simplifies metering, forecasting, and risk management, facilitating real-time synchronization between electricity generation and consumption.
Andrew Darge of E3 Capital praised OAE’s software-first approach to addressing pressing challenges in the energy sector. The platform enables municipal wheeling, supports embedded generation, and ensures transparent settlement at scale, all crucial elements for advancing Africa’s clean energy transition.
Equator VC partner Morgan DeFoort highlighted OAE’s role in establishing the groundwork for private clean energy distribution in South Africa. He commended the company’s combination of technical expertise and market insight, emphasizing its potential for lasting impact.
CEO Gerjo Hoffman expressed gratitude for the funding, stating that it will enable OAE to scale its tools and empower independent power producers and energy traders to thrive in an open market. Board Chairman James Irons announced plans to bring in a local investment partner to support the company’s next phase of growth.
With the new funding, Open Access Energy aims to enhance the tools necessary for independent power producers and energy traders to operate successfully in a liberalized electricity market. CEO Gerjo Hoffman emphasized the importance of these enhancements for scaling operations, while Board Chairman James Irons highlighted the company’s readiness to engage a local investment partner to drive continued growth.
The funding secured by OAE underscores the growing importance of sustainable energy solutions in South Africa and beyond. As the company expands its reach and capabilities, it is poised to play a significant role in accelerating the transition to clean energy and promoting energy reliability in the region.
(Source: iAfrica)
