Wetility Raises $48m to Expand Solar Energy Product
1 min Read September 11, 2023 at 1:32 PM UTC
- South African solar energy startup Wetility has raised $48 million in a funding round comprising convertible debt and commercial loans from lenders including Sanlam, large commercial and development banks, and equity.
- Founded in 2019, Wetility’s flagship product is an all-encompassing digital solar energy management system that allows users to remotely manage power usage.
- The funds will reportedly be used to accelerate expansion plans and grow its customer base. Wetility states that it aims to grow from a $1.5 million business to a $142 million business by 2026.
Wetility’s plans to scale come at a time when the country’s state-run power utility, Eskom, continues to struggle and South Africans increasingly seek alternative energy sources to survive amid a crumbling national power grid system. In April, the city of Cape Town announced a $65 million solar PV and solar battery project to tackle load-shedding. Home to some of the world’s sunniest countries, Africa has the potential to become the global renewable energy hub.
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