Cape Town-based start-up Open Access Energy (OAE), which uses AI to power digital infrastructure for electricity trading, has landed $1.8 million (R32.3 million) in seed funding.
OAE is funded by global climate-tech investors E3 Capital, Equator VC and Factor E Ventures. This investment will fast-track development of its flagship software, EnergyPro, and help decentralised renewable energy reach the consumers who need it, transforming how electricity is traded, managed and delivered in SA.
EnergyPro is a cloud-based software platform that enables energy wheeling – the process of delivering electricity from decentralised renewable producers to distributed consumers via existing transmission infrastructure. OAE’s platform automates the backend processes, including metering, risk management and forecasting – ensuring that energy generation and consumption loads are efficiently matched in real-time.
Founded in 2021, OAE aims to address SA's power grid reliability issues and transition away from coal dependency. With growing distributed renewable energy production, OAE's platform enables efficient matching of clean energy with consumer demand.
Andrew Darge, E3 Capital’s lead on the transaction, said OAE has built a software-led solution for a real-world problem, enabling renewables to flow through existing infrastructure.
“The opportunity for digital technology to support municipal wheeling, embedded generation and transparent settlement at scale is exactly what Africa’s power sector needs to drive the transition to lower carbon economies,” he added.
Morgan DeFoort, a partner at Equator VC, said SA’s energy future will be shaped by private generation and local distribution of clean power.
“Open Access Energy is building critical infrastructure to make this possible. We’re backing a team that combines unique technical capability, a strong understanding of the evolving southern Africa energy market and deep relationships with municipal and private sector stakeholders.”
Commenting on the funding, Gerjo Hoffman, CEO of OAE, said private generation is central to SA’s energy transition. The funding will allow the company to scale the tools that independent power producers and energy traders need to participate in and benefit from the liberalised energy market, he added.
“We’re proud to have the support of leading investors who understand the opportunity and are committed to building long-term impact.”
James Irons, chairman of the Open Access Energy board, said: "Building on this momentum, we can now focus on scaling our platform and shaping the future of the local energy market. We will continue to seek out further strategic investment options in the near future, with specific interests in securing a local investment partner.”
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