**Open Access Energy Secures $750,000 Investment to Revolutionize South Africa’s Energy Sector**
Open Access Energy (OAE), a South African software company specializing in optimizing energy transactions, has secured a $750,000 investment from Factor E Ventures. This funding marks the first tranche of a $1.5 million seed round aimed at advancing the company’s innovative solutions to South Africa’s pressing energy challenges.
Founded in 2021, Open Access Energy has swiftly positioned itself as a key player in energy management software, particularly in a country grappling with an unstable and costly energy grid primarily reliant on coal-fired power generation. The company’s technology connects electricity generated from distributed renewable sources with unmet demand, offering a path to greater grid reliability, reduced emissions, and new revenue streams for independent power producers (IPPs).
OAE’s flagship platforms, Amptera and Energypro, enable real-time energy transactions and enhance energy management for IPPs and municipalities. With the new funding, the company plans to expand its technological capabilities, refine its software offerings, and broaden its market presence both in South Africa and beyond.
CEO Gerjo Hoffman emphasized the significance of Factor E Ventures’ investment, stating, “This support arrives at a crucial juncture for both our company and South Africa’s energy sector. As we strive to decentralize energy and ensure universal access to clean power for all South Africans, this investment will accelerate our innovation capabilities and market reach.”
Tenbite Ermias, Partner at Factor E Ventures, echoed this sentiment, highlighting the potential impact of OAE’s technology on South Africa’s energy landscape. “Open Access Energy is addressing significant inefficiencies in South Africa’s energy sector with its innovative software. We are excited to lead this initial investment in their $1.5 million seed round,” he said. “OAE is well-positioned to tackle the country’s energy challenges and drive its transition to renewable sources.”
As South Africa continues its rapid transition towards renewable energy and distributed generation, Open Access Energy’s technology is set to play a crucial role in supporting this evolution. The company’s tools are designed to help market participants navigate and thrive in the changing energy landscape, aligning with the broader goals of decarbonizing South Africa’s power sector and advancing cross-border energy trading within the Southern African Development Community (SADC) region.
