Open Access Energy Secures $750,000, Launching $1.5 Million Seed Round

Cape Town, South Africa – August 12, 2024

Open Access Energy (OAE), a South African software company focused on optimizing energy transactions, has secured a $750,000 investment from Factor E Ventures. The funding marks the initial tranche of a $1.5m seed round for the company, which is developing software solutions to address South Africa’s chronic energy challenges.

South Africa’s reliance on coal-fired power generation has resulted in a grid plagued by instability and high costs, limiting access to cleaner, renewable sources. OAE’s technology offers a solution by connecting electricity generated from distributed renewable sources with unmet demand. This approach can enhance grid reliability, reduce emissions, and create new revenue streams for independent power producers (IPPs).

Founded in 2021, Open Access Energy has quickly become a major player in energy management software. The company’s Amptera and Energypro platforms facilitate real-time energy transactions and enhance energy management for IPPs and municipalities. With this initial funding, OAE aims to expand its technological capabilities, refine its software platforms, and increase its market presence in South Africa and beyond. The investment is expected to enable the company to scale operations, develop new features, and strengthen its position in the energy sector.

“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.”

South Africa, with one of the world’s largest domestic grids, is at the forefront of a significant energy transformation. The Southern African Development Community (SADC) region’s leadership in cross-border energy trading complements this shift, highlighting the substantial climate and social impact of decarbonizing South Africa’s power sector through distributed renewable energy. As the country rapidly transitions toward greater reliance on renewables and distributed generation, Open Access Energy’s technology is strategically positioned to support this evolution, offering crucial tools for market participants to effectively navigate and thrive in the changing energy landscape.

About Open Access Energy
Open Access Energy, established in 2021, provides software solutions that facilitate private sector energy transactions, from generation to consumption. OAE serves private entities interested in energy wheeling, using existing grid infrastructure to transmit energy from generation sites to various consumption points.