A US $750,000 investment from Factor E Ventures has been secured by Open Access Energy (OAE), a South African software company that focuses on optimizing energy transactions. This represents the first tranche of a US $1.5 million seed round for the company, which is creating software solutions to address South Africa’s ongoing energy challenges.
Open Access Energy was established in 2021 and has created the Amptera and Energypro platforms, which help municipalities and IPPs manage their energy more effectively and conduct energy transactions in real time.
With the help of this first funding, OAE hopes to develop its software platforms, boost its market share in South Africa, and advance its technological capabilities. It is anticipated that the investment will help the business grow, create new features, and solidify its place in the energy industry.
“Factor E Ventures’ investment arrives at a crucial juncture for both our company and South Africa’s energy sector,” said Gerjo Hoffman, CEO of Open Access Energy. “As we strive to decentralize energy and ensure universal access to clean power for all South Africans, this support will accelerate our innovation capabilities and market reach.”
“Open Access Energy is addressing significant inefficiencies in South Africa’s energy sector with its innovative software,” said Tenbite Ermias, partner at Factor E Ventures. “We are excited to lead this initial investment in their $1.5 million seed round. OAE is well-positioned to tackle the country’s energy challenges and drive its transition to renewable sources. Our support highlights our belief in their potential to make a substantial impact.”
