Open Access Energy (OAE), a Cape Town-based startup and software company focused on optimising energy transactions, has secured R13,6-million ($750 000) in funding from investment firm Factor E Ventures.
The funding marks the initial tranche of a $1,5-million seed round for the company, which is developing software solutions to address South Africa’s energy crisis.
The startup has successfully developed two software solutions to improve and facilitate transactions between private generation (Independent Power Producers (IPPs) and Energy Traders) and consumers, as well as larger offtakers, including factories and other large power users. The startup aims to transform South Africa’s energy sector by enabling wheeling in a future play to enhance grid reliability, reduce emissions, and create new revenue streams for IPPs.
“Open Access Energy has quickly become a major player in energy management software,” comments Gerjo Hoffman, CEO of Open Access Energy. “Our company’s Amptera and Energypro platforms facilitate real-time energy transactions and enhance energy management for private generation and municipalities.
“With this initial funding, we aim to expand our technological capabilities, refine our software platforms, and increase our market presence in South Africa and beyond. Our partnership with Specno, South Africa’s leading digital innovation agency, will remain a critical undertaking to help us deliver these software solutions at scale to municipalities across our country.”
The investment is expected to enable the company to scale operations, develop new features, and strengthen its position in the energy sector.
Daniel Novitzkas, chairman at Specno, will work with the team at OAE to accelerate its innovation capabilities.
“Gerjo and his team have made a powerful play to decentralize energy and ensure universal access to clean power for all South Africans. Our digital innovation agency will assist their team in achieving this mammoth undertaking with the support they need to innovate faster and deploy their solutions sooner,” says Novitzkas.
“We believe that OAE has the potential to make a substantial impact in our energy sector, and we are delighted to confirm that our partnership with them will serve to support their mission at a strategic level, especially with regards to expanding their market reach, as we aim to deploy their software solutions to every municipality in South Africa,” he adds.
OAE’s flagship software solutions include Amptera and Energypro. Amptera was developed to assist local municipalities with automated meter readings, data management, and their billing cycles. It is licensed for free to municipalities, while Energypro was built to service IPPs and Energy Traders with the ability to generate and produce proposals with far less complexity. It is also able to process complex wheeling transactions.
With one of the world’s largest domestic grids, South Africa is undergoing a significant energy transformation. As the country continues to transition towards greater reliance on renewables and distributed generation, OAE’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.