Hohm Energy, a South African cleantech startup, has closed an $8 million seed investment round aimed at advancing solar energy solutions across the country.
The country continues to face the escalating energy shortages and the imminent threat of a nationwide grid collapse. Hence, innovative solutions are being put forward by companies like Hohm Energy to address the pressing challenges caused by the country’s worsening energy crisis.
With increasingly severe power shortages surpassing 6,000 megawatts, the dire need for sustainable energy alternatives has led to the demand for innovative cleantech solutions.
The three-year-old startup is focused on bolstering the renewable energy sector, connecting homeowners and businesses with accredited solar installers, product suppliers, and embedded solar finance solutions.
Led by E3 Capital and 4DX Ventures, the $8 million funding round is the largest seed investment secured by a tech startup in South Africa, pointing to Hohm Energy’s essence in driving change within the country’s energy sector.
With participation from well-known investors including Breega, E4E Africa, and Climate Capital Ventures, the funding will facilitate Hohm Energy’s innovative solar solutions to thrive further.
Founded in 2021 by Tim Ohlsen and Emir Gluhbegovic, Hohm Energy’s platform leverages a software and marketplace model designed to simplify the adoption of solar energy solutions.
With a focus on enhancing accessibility and affordability, the energy startup empowers over 7 million households connected to South Africa’s national grid to transition to sustainable and renewable energy sources.
Speaking on the significance of the investment, CEO Tim Ohlsen emphasized the startup’s goal of helping homeowners to embrace clean, renewable energy solutions despite the complications involved in the solar industry.
Through its innovative “Home Ranger” feature, Hohm Energy ensures careful oversight and compliance throughout the solar installation process, guaranteeing quality and technical integrity for every project undertaken.
Hohm Energy’s platform offers a seamless experience for both homeowners and solar installers, facilitating customized solar designs, access to financing options, and comprehensive post-sales services.
In forging strategic partnerships with leading retail financial institutions including Investec, Nedbank, and Capitec, Hohm Energy has led structured financing options, unlocking new avenues for homeowners to embrace solar energy solutions.
Recognizing the scalability of its model beyond South Africa’s borders, Hohm Energy remains focused on deepening its presence in the country despite persistent power disruptions.
With a focus on maintaining its climate fintech strategy, enhancing technological capabilities, and empowering local solar installers, Hohm Energy is ensuring South Africa’s green energy becomes sustainable.
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