The funding is part of a total USD 1.5 million seed round for the company that is developing software solutions to address the current energy crisis in South Africa.
As until now, the startup has already successfully developed two software solutions that aim to improve and facilitate energy transactions between private generation (independent power producers or IPPs and energy traders) and consumers or large offtakers, including large power plants, factories, etc.
The startup is set to transform the country’s energy sector by enhancing grid reliability, reduce emissions, and generate new revenue streams for IPPs. Its platform solutions facilitate real-time energy transactions and boost energy management for both municipalities and private generation. The recently received funds will be used by Open Access Energy to expand its current technological capabilities, refine its software platforms, and enhance its market presence in South Africa and externally. The company has made a powerful play in decentralising energy and ensure universal access to clean power for all citizens in South Africa, which in return will not only leas to technological advances but to an overall improved life quality, innovation, a stable working environment
Moreover, the company announced a strategic partnership with a local digital innovation agency, Specno, that aims to help the startup deliver new software solutions at scale to municipalities across the country.
Open Access Energy (OAE) was found in 2021 to develop and provide software solutions that facilitate private sector energy transactions. The company serves private entities interested in sharing their energy wheeling and aims to make the South African energy sector equally available for all consumers.
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