South African solar startup, Hohm Energy, has secured $8 million in seed funding from investors, E3 Capital and 4DX Ventures, marking the largest seed round ever amassed by a South African technology startup.
Established in 2021 by visionaries Tim Ohlsen and Emir Gluhbegovic, Hohm Energy has swiftly proven itself a trailblazer in South Africa’s renewable energy landscape. Their innovative platform offers a dual solution, enabling customers to digitally determine their properties’ solar energy needs, while facilitating access to credit financing for rooftop solar installations. Moreover, the platform streamlines the entire process for solar installers, enabling them to efficiently design, manage, finance, and procure solar projects.
Hohm Energy has since facilitated over 17,000 customised solar rooftop designs valued at $190 million. Additionally, the startup has processed financing applications totalling $90 million for the implementation of these designs. This impressive feat shows the growing demand for sustainable energy solutions in South Africa.
To bridge the gap in financing, Hohm Energy has forged strategic partnerships with numerous South African financial institutions. Through these collaborations, customers can leverage the platform’s finance and credit scoring tools to apply for structured financing. Tim Ohlsen gave further information, saying, “we realized that although there is an appetite for solar energy in SA, sometimes financing is a hurdle. The fintech aspect will help to drive even more rooftop solar installations.”
With the $8 million funding, Hohm Energy is poised to expand its product offerings widely. This includes enhancing its technological infrastructure, fostering product innovation, and nurturing the skills of solar installers.
The company has set a goal to facilitate rooftop solar installations for 7.7 million homes across South Africa.
