Open Access Energy (OAE), a software company focused on energy transactions, has secured a $750,000 investment from Factor E Ventures as part of a $1.5 million seed funding round. This investment is aimed at enhancing South Africa’s energy stability and supporting the country’s transition to renewable energy.
Founded in 2021, OAE has developed innovative platforms like Amptera and Energypro, which facilitate real-time energy transactions and improve energy management for independent power producers (IPPs) and municipalities. South Africa, which heavily relies on coal-fired power generation, faces challenges with grid instability and high operational costs, making the integration of renewable energy sources difficult.
The funding will enable OAE to scale its operations, refine its software, and introduce new features, further strengthening its role in South Africa’s energy sector. As the country pushes towards more sustainable and stable energy solutions, OAE’s technology will be crucial in helping market participants adapt to and thrive in the evolving energy landscape.