SOUTH AFRICA – Hohm Energy, a climate fintech company that helps homeowners and businesses to go solar with accredited solar installers, product suppliers, and embedded solar finance, has raised US$8 million in seed funding.
The funding was led by E3 Capital and 4DX Ventures. It also attracted participation from new investors, including Breega, E4E Africa, TO.org, Tekton Ventures, Sunu Capital, Musha Ventures, and Climate Capital Ventures.
Hohm Energy will now accelerate the adoption of rooftop solar in the region by investing in its new cutting-edge climate fintech strategy, additionally bolstering its tech, product innovation and solar installer skills development to make rooftop solar more accessible, trusted and affordable for everyone.
“The energy system in South Africa is broken. ClimateTech is key to solving the current challenges through the provision of a scalable and sustainable alternative,” Tim Ohlsen, CEO of Hohm Energy said.
“Our robust software platform and fintech marketplace, which enables us to offer value to all stakeholders, is pivotal in enhancing the efficiency of rooftop solar installations and ultimately mitigating the severity of load-shedding being experienced.
“We are honoured to be collaborating with renowned global investors who share our passion and vision and are helping us achieve our mission on a larger scale.”
Launched in 2021 by Tim Ohlsen and Emir Gluhbegovic, Hohm Energy has revolutionized the entire end-to-end solar journey, having built its own proprietary software platform and marketplace that helps connect everyone in the value chain.
The company leverages technology to tackle challenges in South Africa’s US$51.4 billion complex rooftop solar market, streamlining the design, scheduling and procurement process for installers and enhancing accessibility for buyers, mitigating delays, installation flaws, compliance risks and financing obstacles.
Hohm Energy provides an alternative and sustainable energy source to the 7.7 million addressable households, helping to ease the strain on the national grid. To-date Hohm Energy has generated over 17,000 custom solar rooftop designs using its solar proposal engine worth US$190 million, originating over US$90 million in finance applications to its retail banking partners.
For solar installers, Hohm Energy provides them with the opportunity to gain trust and also effectively design, manage, finance and procure their solar projects.
Hohm Energy customers can have their properties’ solar energy requirements determined digitally and effectively through the platform and they get access to credit financing and an order and fulfilment process that extends to after-sales services including repair and maintenance.
Hohm Energy has struck partnerships with the majority of South Africa’s retail financial institutions, such as Investec, Nedbank, MFC, FNB, Wesbank and Capitec customers have access to the platform’s finance and credit scoring process to secure structured financing from these institutions.
Additionally, Hohm now offers a solar subscription service to South African households, powered by Glint, making solar more accessible than ever before with an all new and digital solar purchasing experience.
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