Afrigather South African photo voltaic power startup Hohm Energy has raised an $8 million seed spherical to scale its rooftop photo voltaic set up product. The funding, the biggest seed spherical ever raised by a South African tech startup, was led by E3 Capital and 4DX Ventures.
Based in 2021 by Tim Ohlsen and Emir Gluhbegovic Hohm Power’s platform contains two choices; a means for purchasers to have their properties’ photo voltaic power necessities decided digitally and a solution to get entry to credit score financing for rooftop photo voltaic set up. The platform additionally permits photo voltaic installers to design, handle, finance and procure photo voltaic tasks.
Hohm Power claims to have generated over 17,000 customized photo voltaic rooftop designs value $190M and $90M in financing purposes for the implementation of the designs.
To facilitate financing for the designs, Hohm Power has partnerships with a number of South African finance establishments for purchasers to safe structured financing.
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By the partnerships, Hohm clients can use the platform’s finance and credit score scoring to use for financing. “We realised that though there may be an urge for food for photo voltaic power in SA, typically financing is a hurdle,” Ohlsen advised TechCabal. “The fintech side will assist to drive much more rooftop photo voltaic installations.”
The corporate will use the funding to scale its product providing throughout the board. This may embrace its tech, product innovation and photo voltaic installer expertise growth. Ohm Power goals to facilitate rooftop photo voltaic installations for 7.7 million houses in South Africa and claims to be on observe to succeed in profitability by the tip of the yr.
