Wetility Raises $48m to Expand Solar Energy Product

1 min Read September 11, 2023 at 1:32 PM UTC

Highlights

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.

Our Takeaway

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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