Open Access Energy, South Africa’s software platform that automates the matching of generation and consumption loads, allowing energy wheelers to execute accurate wheeling transactions seamlessly has raised $752,000 in seed funding to address the current energy crisis in South Africa.
The funding from Factor E Ventures is part of a total $1.5 million seed round for the company that is developing software solutions to optimise energy transactions and bring equitable access to energy.
Open Access Energy will use the funds to expand its current technological capabilities, refine its software platforms, and enhance its market presence in South Africa and externally to ensure ensure universal access to clean power for all citizens in South Africa, an overall improved life quality, innovation and a stable working environment.
Founded in 2021, Open Access Energy (OAE) develops and provide software solutions that facilitate private sector energy transactions. The company serves private entities interested in sharing their energy wheeling and aims to make the South African energy sector equally available for all consumers.
The company formed after the regulatory changes introduced by president Cyril Ramaphosa in 2021, where Schedule 2 of the Electricity Regulation Act was amended to extend the limit over which private power projects must apply for a Generation License from 1MW to 100MW. Our initial focus is South Africa, but our future aspiration is to offer solutions in all emerging markets globally. Our current investors are industry leaders in the renewable energy space.
OAE has already successfully developed two software solutions to facilitate energy transactions between private generation (independent power producers or IPPs and energy traders) and consumers or large offtakers, including large power plants, factories, etc in a move to transform the country’s energy sector by enhancing grid reliability, reduce emissions, and generate new revenue streams for IPPs. OAE facilitates real-time energy transactions and boosts energy management for both municipalities and private generation.