With more than $12 million in new debt and equity investment, Okra Solar, known for developing mesh-grid technology, has completed a Series-A round of financing to commercialize mesh-grid technology.
The company raised $7.85 million in equity, led by At One Ventures, with participation from FMO, Susquehanna Private Equity Investments LLLP, Autodesk Foundation, and King Philanthropies. Its goal is to provide IoT-enabled hardware and software to last-mile energy providers so they can profitably energize remote off-grid communities. The EDFi provided the debt financing.
Mesh grids make it possible for solar energy to be produced at the source of individual residences, where excess energy is then redistributed from one connection to the next via Okra’s clever algorithms to maximize utilization. Mesh grids differ from conventional mini-grids or grid extensions in that power only moves between residences that are next to one another, rather than being sent across great distances from a central generator house.
While maximizing up-time and electricity availability, this hyper-decentralized solution cuts the cost of distribution (cables and poles) by up to 90%. According to the company, it would utilize the new funding to scale the technology in rural areas where scalability is largely dependent on economic viability and mesh grids offer an appealing alternative to energy developers.
Speaking on the funding, Afnan Hannan, Okra’s CEO, said, “It’s clear that mesh grids are the most efficient way to achieve last-mile electrification. It starts by ensuring off-grid people have access to basic services such as lighting, e-cooking, and water pumping, and then by having all of these people connect to the global digital economy. Now we need the regulations to keep up with exponential technological advancement for us to hit 100 percent electrification by 2030.”
Investor Marieke Roestenberg stated that FMO was happy to join Okra Solar on their pioneering path to harness mesh-grid technology to assist in electrifying rural areas and supply reasonably priced power to last-mile homes and businesses.
The product offerings of Okra Solar have also been updated and now include automated network planning software that uses geospatial data and monitors business performance right down to the asset level. Hardware-wise, Okra Pods can now be stacked, allowing power output to be raised from 1.2kW AC to 4.8kW AC. The latest version of the pods will also enable mesh grids to be inter-connectable to existing grid infrastructure.
