In order to boost product development and customer growth as the business grows to meet the increasing demand for flexible, decentralized energy infrastructure, Open Access Energy (OAE), a South African startup that uses artificial intelligence (AI) to enable digital infrastructure for electricity trading, has closed a US$1.8 million seed funding round.
The Amptera and Energypro platforms, created by Open Access Energy, which was founded in 2021, improve energy management for municipalities and IPPs by facilitating real-time energy transactions.
The company received a US $750,000 investment from Factor E Ventures in August of last year, according to media reports. This was the first tranche of a US$1.5 million seed round. With participation from Factor E Ventures, Equator VC, and E3 Capital, that round has now closed at an oversubscribed US $1.8 million.
“Private generation is central to South Africa’s energy transition. This funding allows us to scale the tools that Independent Power Producers and Energy Traders need to participate in and benefit from the liberalised energy market. We’re proud to have the support of leading investors who understand the opportunity and are committed to building long-term impact,” said Gerjo Hoffman, CEO of Open Access Energy
“Open Access Energy has built a software-led solution for a real-world problem – enabling renewables to flow through existing infrastructure, said Andrew Darge, E3 Capital’s lead on the transaction, “The opportunity for digital technology to support municipal wheeling, embedded generation, and transparent settlement at scale is exactly what Africa’s power sector needs to drive the transition to lower carbon economies.”
“South Africa’s energy future will be shaped by private generation and local distribution of clean power,” said Morgan DeFoort, a partner at Equator VC, “Open Access Energy is building critical infrastructure to make this possible. We’re backing a team that combines unique technical capability, a strong understanding of the evolving southern Africa energy market, and deep relationships with municipal and private sector stakeholders.”
