- This funding secured by Open Access Energy is part of an initial tranche of a $1.5 million seed funding round to enhance South Africa’s energy stability.
- Through its innovative platforms, the firm facilitates real-time energy transactions and improves energy management for IPPs and municipalities.
Open Access Energy (OAE), a software company specialising in energy transactions, has secured a $750,000 investment from Factor E Ventures. This funding is part of an initial tranche of a $1.5 million seed funding round to enhance South Africa’s energy stability.
Open Access Energy, founded in 2021, is at the forefront of developing software solutions to mitigate South Africa’s pressing energy issues. The country’s heavy reliance on coal-fired power generation has led to grid instability and high operational costs, hampering the integration of renewable energy sources.
Through its innovative platforms, Amptera and Energypro, the firm facilitates real-time energy transactions and improves energy management for independent power producers (IPPs) and municipalities.
According to Gerjo Hoffman, CEO of Open Access Energy, this investment from Factor E Ventures arrives at a crucial juncture for the company and South Africa’s energy sector. Furthermore, he emphasised the role of this investment in enhancing their technological capabilities and market presence, both within South Africa and internationally.
“As we strive to decentralise energy and ensure universal access to clean power for all South Africans, this support will accelerate our innovation capabilities and market reach,” Hoffman added.