Business is all about solving problems which customers are willing to pay for. South Africa currently has an energy crisis and entrepreneurs who can alleviate the pain felt by most South African households are likely to be in demand.
One of the entrepreneurs solving the energy crisis in South Africa is Vincent Maposa, founder, and CEO of Wetility, an energy start-up that recently secured R903-million in funding, in both debt and equity. This capital injection provides the company with the means to accelerate its growth and make a substantial impact in South Africa’s power fintech space.
The company describes itself as a team of visionaries, entrepreneurs, engineers, and financial experts who are passionate about innovative energy solutions. Wetility’s hybrid solar offerings bridge the gap in energy affordability and sustainability between different housing market segments.
By offering affordable monthly solar subscriptions and customisable solar solutions, Wetility is empowering budget-conscious homeowners to reduce their energy expenses effectively. With hybrid solar installed, these homeowners enjoyed reduced utility bills and uninterrupted power.
Simultaneously with the announcement of the close of its fundraising round, Wetility unveiled the Beast Bundle, a groundbreaking energy solution for South African households, in partnership with Telkom, Plentify, GoodWe, Longi, ZOLA, and South African rugby icon Tendai “Beast” Mtawarira.
This all-inclusive package integrated cost-effective solar power, intelligent digital solar energy management, and surge protection to ensure uninterrupted electricity and connectivity, while simultaneously reducing utility bills and enhancing safety. With a starting subscription price of R899 per month, the Beast Bundle was specifically designed to tackle the affordability challenges associated with hybrid solar solutions.
Wetility was founded and recruited into The Innovation Hub’s (TIH) incubation program in 2019 through an informal conversation over good coffee at a restaurant in Lynnwood Bridge with TIH’s Commercialisation Specialist, Grant Greyling.
Wetility’s hybrid solar offerings bridge the gap in energy affordability and sustainability between different housing market segments. By offering affordable monthly solar subscriptions and customisable solar solutions, Wetility is empowering budget-conscious homeowners to reduce their energy expenses effectively. With hybrid solar installed, these homeowners enjoyed reduced utility bills and uninterrupted power.
Mothibedi Matshele, interim CEO of The Innovation Hub, says: “The Enterprise Development team has identified and nurtured Wetility through the start-up valley of death, where many companies fail. This is exactly the mandate of The Innovation Hub as we continue to work closely with leading innovator to solve real problems, on a large scale.”