Hohm Energy, a South African solar energy startup, has secured $8 million in its successful final close of the seed round to boost solar adoption.
The funding was led by E3 Capital and 4DX Ventures, with additional support from new investors, including Breega, E4E Africa, TO.org, Tekton Ventures, Sunu Capital, Musha Ventures, and Climate Capital Ventures.
“The energy system in South Africa is broken. ClimateTech is key to solving the current challenges through the provision of a scalable and sustainable alternative,” Tim Ohlsen, chief executive officer of Hohm Energy, said while speaking on the investment.
“Our robust software platform and fintech marketplace, which enables us to offer value to all stakeholders, is pivotal in enhancing the efficiency of rooftop solar installations and ultimately mitigating the severity of load-shedding being experienced,” he said.
The company said in a statement that it would now accelerate the adoption of rooftop solar in the region by investing in its new cutting-edge climate fintech strategy
It said the new fund would enable it to bolster tech, product innovation, and solar installer skills development to make rooftop solar more accessible, trusted, and affordable for everyone.
The firm said it leveraged technology to tackle challenges in South Africa’s $51.4 billion complex rooftop solar market, streamlining the design.
According to the firm, it also schedules and procures processes for installers and enhances accessibility for buyers, mitigating delays, installation flaws, compliance risks, and financing obstacles
“Amid a growing energy crisis, South Africa finds itself in the grip of escalating power shortages, resorting to daily electricity rationing to prevent a nationwide grid collapse,” it said.
