Hohm Energy gets $8m to scale adoption of solar in South Africa
TLDR
- South African solar energy firm, Hohm Energy, secures $8 million in seed funding round for expanding rooftop solar installations.
- Founded in 2021, Hohm Energy's platform offers digital tools for assessing solar energy needs and credit financing for installations.
- Company generated 17,000 customized solar designs worth $190 million and received $90 million in financing applications for implementation.
Hohm Energy, a South African solar energy firm, has secured $8 million in a seed funding round aimed at expanding its rooftop solar installation product. This financing round, led by E3 Capital and 4DX Ventures, marks the largest seed round ever raised by a tech startup from South Africa.
Founded in 2021 by Tim Ohlsen and Emir Gluhbegovic, Hohm Energy offers a platform that provides two main services: firstly, a digital tool for customers to assess their properties' solar energy needs, and secondly, access to credit financing for rooftop solar installations. Additionally, the platform facilitates solar installers in designing, managing, financing, and sourcing solar projects.
The company claims to have generated over 17,000 customized solar rooftop designs, with a collective value of $190 million. Furthermore, the company has received $90 million in financing applications intended for the implementation of these designs. It will use the latest funding to scale its product offering across the board. This will include its tech, product innovation and solar installer skills development.
Key Takeaways
The escalating energy crisis in South Africa, characterized by mounting power shortages, has made the implementation of daily electricity rationing a crucial measure to mitigate the risk of a nationwide grid collapse. Eskom, the state-owned power generator, has reported a substantial power deficit, exceeding 6,000 megawatts at times. This predicament mirrors challenges faced by many African countries, underscoring the growing demand for solutions offered by clean tech startups throughout the continent.
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