In a groundbreaking development, cleantech startup, Okra Solar has successfully raised $12 million in a Series A funding round. This round is aimed at revolutionizing access to electricity in Africa through the deployment of mesh-grid technology to over 700 million people living without reliable access to electricity.
Mesh grids represent a cutting-edge technological solution wherein nearby households are interconnected to form a network that shares electrical power. This interconnected approach allows communities to collectively consume more electricity than they could individually, making it a sustainable and efficient means of addressing the electrification deficit.
The new round of funding by Okra Solar has the commitments of At One Ventures-$7.85 million, along with FMO, Susquehanna Private Equity Investments LLLP, Autodesk Foundation, and King Philanthropies. The debt was financed by EDFi.
Helen Lin, Partner at At One Ventures, emphasizes the urgency of addressing Africa’s rising energy consumption due to population growth and industrialization. The International Energy Agency (IEA) predicts a doubling of total power generation capacity in Africa to 510 GW by 2030. Lin emphasizes the importance of avoiding reliance on fossil fuels and opting for clean and renewable energy sources.
In the context of the challenging off-grid energy market, where scalability is closely tied to cost-effectiveness, mesh grids emerge as a compelling solution for energy developers. These grids allow for decentralized solar power generation at individual homes, with excess power redistributed through Okra’s algorithms between neighbouring connections, optimizing utilization. This hyper-decentralized approach significantly reduces distribution costs, particularly crucial in a future where copper shortages are anticipated.
Okra Solar follows a business-to-business (B2B) model, supplying its technology to last-mile energy utilities, which, in turn, provide power to last-mile households. The company has already deployed these grids in four countries, including Nigeria, benefiting over 14,000 people.
FMO, a partner in this venture, expresses pride in collaborating with Okra to leverage mesh-grid technology for rural electrification, with a focus on affordability and access for last-mile households and businesses.
Okra Solar, renowned for its innovative prowess and having previously won the TechCrunch Hardware Battlefield award, continues to push technological boundaries. Recent product enhancements include automated network planning software, using geospatial data and detailed monitoring of commercial performance at the asset level. Furthermore, Okra Pods are now stackable, allowing for increased power output from 1.2kW AC to 4.8kW AC. These advancements also enable the interconnection of mesh grids with existing grid infrastructure.
Okra Solar CEO, Afnan Hannan identifies regulatory challenges as a significant hurdle for the company’s scaling efforts. While mesh grids are recognized as an efficient means of achieving last-mile electrification, Hannan underscores the need for regulations to keep pace with rapid technological advancements, ultimately aiming for universal electrification by 2030.
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About Okra Solar
Founded in 2016, Okra Solar is an IoT technology solution that enables solar-generating communities to share and utilize more energy. It is a plug-and-play smart grid technology that enables rapid electrification for last-mile communities.
In June 2022, the Australian-based renewable energy deep tech company, raised $3 million to scale up the distribution of its solar-based hardware and software solutions aimed to electrify more than 290,000 off-grid homes in Nigeria, or roughly 1 million people, in the next three years.
Okra Solar and Konexa, a leader in the development of renewable assets across Sub-Saharan Africa, collaborated to launch a project to energize 140 households in North-Western Nigeria.
The energy deep-tech company’s vision to provide clean and reliable energy access to people still living off the grid is highlighted with this pilot study in Nigeria. Having just completed their MECS-funded project in Cambodia in rural areas, the innovative technology is now scaling for impact. With 43% of Nigeria’s population living without access to energy – Nigeria has the largest energy deficit in the world, projects like this are essential for reaching Sustainable Development Goal 7.
Read More: d.light secures $125m funding to meet Africa’s increasing demand for off-grid solar products
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