Open Access Energy (OAE), a South African software company that specializes in optimizing energy transactions, has received a US$750,000 investment from Factor E Ventures.
This investment is the first tranche of a US$1.5 million seed round that OAE is conducting to address South Africa’s chronic energy challenges.
Open Access Energy was founded in 2021 and has since developed the Amptera and Energypro platforms. These platforms bolster energy management for municipalities and IPPs by enabling real-time energy transactions.
“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.”
The primary goal of OAE is to enhance its technological capabilities, refine its software platforms, and expand its market presence in South Africa and beyond with this initial funding.
The funding is anticipated to facilitate the company’s expansion of operations, the development of new features, and the reinforcement of its position in the energy sector.
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