South African Solar Startup Wetility Raises $48 Million For Expansion
Wetility, a South African startup that offers solar energy solutions for households and businesses, has raised R903 million (~$48 million) in debt and equity.
MultiChoice, a leading African media and entertainment company, led the funding round.
Other investors in the round include Sanlam, a financial services group, and “large commercial and development banks”.
The funding will accelerate Wetility’s expansion plans and grow its customer base.
The company plans to use the funds to install solar panels on more homes and businesses and to develop new products and services.
Wetility was founded in 2019 by Vincent Maposa and Johanna Hortz.
The company’s flagship product is a digital solar energy management system that allows users to manage their power usage remotely.
The system includes rooftop solar panels, a hybrid inverter, lithium-ion batteries, and switchgear and consists of a dashboard where users can monitor their energy usage and make payments.
Wetility’s solar energy solutions are designed to help South Africans reduce their reliance on the country’s unreliable power grid.
In recent years, Eskom, the state-owned power utility, has struggled to meet demand for electricity, leading to frequent power outages.
With the new funding, Wetility is poised to become one of the country’s leading solar energy solutions providers.
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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
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