Local startup Open Access Energy (OAE) has secured $1.8 million in seed funding to scale its platform and meet the growing demand for decentralised energy infrastructure. The round was led by E3 Capital, Equator and Factor E.
According to OAE, the new capital will be used to accelerate product development and customer acquisition as the company ramps up its services in response to surging demand for flexible energy solutions.
Formed in 2021, OAE operates a multilateral wheeling software platform that automates the matching of electricity generation with consumption loads. This allows energy wheelers to conduct seamless and accurate wheeling transactions - an increasingly critical process as South Africa transitions towards more decentralised, renewable power sources.
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The company was launched in the wake of regulatory amendments to Schedule 2 of the Electricity Regulation Act, which increased the licensing threshold for private power projects from 1MW to 100MW.
OAE’s leading product, EnergyPro, is a cloud-based software platform that enables energy wheeling – the delivery of electricity from decentralised renewable producers to distributed consumers using existing transmission infrastructure.
“Building on this momentum, we can now focus on scaling our platform and shaping the future of the local energy market,” added OAE chairman James Irons. “We will continue to seek out further strategic investment options in the near future. “
Lungile is the Digital Editor for TechAfrica, with a knack for storytelling, technology and innovative ideas. Working with TechAfrica, she takes simple ideas and turns them into amazing stories.
