Okra Solar, an Australian-based renewable energy deep tech company, has raised $3 million to scale up the distribution of its solar-based hardware and software solutions aimed to electrify more than 290,000 off-grid homes in Nigeria, or roughly 1 million people, in the next three years.
According to the Sydney- based, Okra Solar, the mission to provide reliable renewable energy solutions to people living off-grid in developing nations has received a major boost, with the startup raising $3 million to ramp up the distribution of its Internet of Things-enabled mesh grids.
The funding was led by SDGx, a private UN Sustainable Development Goals (SDGs) technology fund and advisory group, Schneider Electric Energy Access, Autodesk Foundation and two-family offices, Explorer Investments and Didendum.
Speaking to PV Magazine, Okra Solar CEO, Afnan Hannan says the funding will be used to scale up commercial operations and product development in Nigeria and Haiti as the company looks to expand.
“It feels great to lock in this funding so that we can accelerate our growth,” he said. “We’re excited to continue charging towards providing energy access for the 770 million people living in off-grid communities. Our mesh-grids leverage IoT and automation to make last-mile electrification affordable and sustainable … even for the most remote villages on the planet. Our innovation has spurred global demand from utility companies.”
Launched in 2016, Okra developed an artificial intelligence-enabled mesh grid that shares power through an interconnected network of homes. The plug-and-play solar home system includes a solar panel, battery, and a smart device. A cloud-based system monitors usage and required maintenance while allowing for remote control.
Read also:World Economic Forum selects Okra Solar as Tech Pioneer
“In Nigeria, our technology has been approved for subsidies from a $550 million fund put together by the World Bank, African Development Bank, and the Rural Electrification Agency,” says Hannan. “This is helping Nigerian developers roll out our tech rapidly with government subsidies, simply because solar-powered Okra Mesh-Grids is the only solution that provides sustainable productive power in last-mile communities.”
At present, the company is focused on the Philippines, Haiti, Cambodia and Nigeria, which is home to the world’s largest unelectrified population, totaling approximately 80 million people.
SDGx Chief Impact Officer Zarmeen Parvi said Okra Solar ticked all the boxes for the technology fund.
“It’s rare to see an Australian company scale so successfully into many international markets so quickly,” he said. “Okra Solar brings an impact multiplier that intersects and positively contributes towards energy access. This is a great example of how an impact multiplier also drives scale with commercial outcomes while solving the world’s GHG emissions and climate change problems.”
Last month, the company was selected by the World Economic Forum as one of the World Economic Forum’s Technology Pioneers.
The World Economic Forum Technology Pioneers, according to the company, are early to growth-stage companies from around the world that are involved in the use of new technologies and innovations that are poised to have a significant impact on business and society.
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