A South African startup, Hohm Energy, is making big moves in the solar energy sector. They just secured $8 million in funding to expand rooftop solar across the country.
The investment was led by previous supporters, E3 Capital and 4DX Ventures, along with others like Breega, E4E Africa, and TO.org.
This funding will help Hohm Energy push forward with its innovative climate fintech strategy. The aim is to make solar power more reliable, cheaper, and easier for everyone to get. This is a big deal for South Africa’s tech and solar scene.
Started in 2021 by Tim Ohlsen and Emir Gluhbegovic, Hohm Energy links up homeowners and businesses with solar solutions. They connect people with accredited installers, suppliers, and financial options. Their platform lets installers plan projects and customers figure out their solar needs online.
Hohm Energy is tackling the financing hurdle head-on. They’ve teamed up with major South African banks to offer better finance options for solar projects. So far, they’ve designed over 17,000 custom solar setups worth $190 million and handled $90 million in finance applications.
Their goal is to install rooftop solar for 7.7 million homes in South Africa. And they’re aiming to turn a profit by the end of 2024.
Tim Ohlsen, CEO of Hohm Energy, believes that fixing South Africa’s energy problems requires innovative solutions. With Eskom, the country’s main power supplier, struggling to keep up, Hohm Energy sees an opportunity to step in and offer cleaner, more reliable energy options.
This news comes at a crucial time for South Africa, which is facing a growing energy crisis. Teraco, another company, is also joining the solar power movement with plans for a $106 million solar plant. It seems like solar energy is shining brighter than ever in South Africa’s future.
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