Open Access Energy has received a $750,000 investment from Factor E Ventures as part of a $1.5 million seed round to advance its innovative energy transaction software solutions in South Africa.
Information on the Target
Open Access Energy (OAE) is a software company based in Cape Town, South Africa, that specializes in optimizing energy transactions. Founded in 2021, OAE is rapidly making its mark in the energy managementsoftware sector. The company has developed innovative solutions such as the Amptera and Energypro platforms, which enable real-time energy transactions and enhance energy management for Independent Power Producers (IPPs) and municipalities.
The recent funding of $750,000 from Factor E Ventures is part of a larger $1.5 million seed round aimed at tackling South Africa's pressing energy challenges. OAE's technology connects electricity generated from distributed renewable sources with unmet energy demands, enhancing grid reliability and reducing greenhouse gas emissions while also creating new revenue opportunities for IPPs.
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Industry Overview in South Africa
South Africa is grappling with significant energy challenges, primarily due to its heavy reliance on coal-fired power generation. This dependency has led to an unstable grid and elevated energy costs, making it difficult
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in a Seed Stage deal
Disclosed details
Transaction Size: $1,500M