Startup Lagos

05-Sep-2023

Startup Raises

Okra Solar Secures $12 Million to Revolutionize African Electrification with Mesh Grid Technology 8 months ago

Okra Solar, has successfully procured an astounding $12 million in Series A funding. This substantial financial infusion is poised to revolutionize the energy landscape in the region by bolstering the implementation of mesh-grid electrification, a transformative technology with the potential to illuminate the lives of millions.

The challenge before us is indeed formidable—currently, over 700 million people across the globe live in the absence of electricity access, a number that is projected to surge if the existing status quo persists until 2030. However, within this adversity, an opportunity has arisen in the form of mesh grids. This innovative technology enables the interconnection of neighboring residences, facilitating power-sharing and enabling energy consumption beyond individual capacities. On a global scale, Okra Solar has positioned itself at the forefront of harnessing the vast potential of mesh grids.

To catalyze the widespread adoption of mesh-grid electrification in Africa, Okra Solar has secured $12 million in Series A funding. Noteworthy is the fact that $7.85 million of this funding constitutes equity investments, with At One Ventures leading the way, in conjunction with FMO, Susquehanna Private Equity Investments LLLP, Autodesk Foundation, and King Philanthropies. On the other front, debt financing has been secured through EDFi.

Helen Lin, Partner at At One Ventures, underscores the urgency of this endeavor, remarking, “Given the compounding effects of population growth and the burgeoning industrialization, energy consumption on the African continent is slated to increase disproportionately in the forthcoming decades." Lin further adds, "The IEA predicts that the total power generation capacity in Africa will double, reaching 510 GW by 2030. There exists no justification for this new power generation capacity to be derived from environmentally detrimental fossil fuel sources. We can bypass that phase entirely and establish it correctly from the outset; clean, sustainable, and tailored to the needs of this market.”

Mesh grids empower the generation of solar power at the source, redistributing excess energy seamlessly through Okra’s sophisticated algorithms, thus optimizing utilization. What sets mesh grids apart from traditional mini-grids or grid extensions is their hyper-decentralized approach. In lieu of transmitting power over extensive distances from a centralized generation facility, power flows efficiently between proximate residences.

This decentralized deployment significantly diminishes distribution expenses by up to 90%, all the while guaranteeing maximal uptime and power accessibility. This becomes especially significant in a future marked by anticipated copper scarcities.

Through its business-to-business (B2B) model, Okra Solar equips last-mile energy service providers with its cutting-edge technology, enabling them to electrify last-mile households. The cleantech trailblazer has already implemented these grids across four nations, including Nigeria, and reports indicate that over 14,000 individuals have reaped the benefits of Okra's mesh grid.

Marieke Roestenberg, Manager of FMO Ventures Program, underscores their partnership with Okra, stating, “FMO is proud to collaborate with Okra on their pioneering mission to leverage mesh-grid technology in order to electrify rural regions and provide affordable power to last-mile households and businesses. We eagerly anticipate our association with the Okra team and will actively leverage our value-added services to support their scaling ambitions.”

Okra Solar's dedication to innovation is underscored by its track record, which includes clinching the TechCrunch Hardware Battlefield award. Recent product enhancements encompass automated network planning software that harnesses geospatial data and monitors commercial performance at the asset level. On the hardware front, Okra Pods are now stackable, amplifying power output from 1.2kW AC to an impressive 4.8kW AC. Furthermore, the latest pod iteration facilitates the interconnectedness of mesh grids with pre-existing infrastructure.

When queried about the foremost challenge confronting Okra Solar's scaling endeavors, CEO Afnan Hannan responded, “It is evident that mesh grids represent the most efficient avenue to achieve last-mile electrification. This commences with ensuring that off-grid populations have access to fundamental services such as illumination, eco-friendly cooking, and water pumping, and subsequently, connecting all these individuals to the global digital economy. Now, we necessitate regulations that keep pace with the exponential advancements in technology, enabling us to attain 100% electrification by 2030.”

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