|
Getting your Trinity Audio player ready...
|
The energy platform ensures that the latest development will enhance the reliability, affordability, and accessibility of rooftop solar for all, streamlining its widespread acceptance throughout the region and representing a significant milestone for South Africa’s technology and solar sectors.
Established in 2021 by Tim Ohlsen and Emir Gluhbegovic, Hohm Energy empowers South African homeowners and businesses to embrace solar solutions by connecting them with accredited solar installers, product suppliers, and embedded solar finance options.
The startup operates its own proprietary software platform and marketplace, linking every participant in the value chain. In addition to empowering solar installers to plan, manage, finance, and procure solar projects, the energy platform enables customers to digitally assess their properties’ solar energy needs and secure credit financing for rooftop solar installation.
Recognizing that financing is a barrier to solar energy adoption in the country, Hohm Energy has forged ongoing partnerships with major South African retail finance institutions such as Investec, Nedbank, MFC, FNB, Wesbank, and Capitec to expand access to secured structured financing for its clients. To date, the climate company reports generating over 17,000 customized solar rooftop designs using its solar proposal engine valued at $190 million and processing $90 million in finance applications through its retail financial partners.
With ambitions to facilitate rooftop solar installations for up to 7.7 million homes in South Africa, Hohm Energy also claims to be on target to achieve profitability by the end of 2024.
In response to the investment, Tim Ohlsen, CEO of Hohm Energy, emphasized that South Africa’s energy system is in disrepair, and climate technology is essential for repairing it through scalable and sustainable alternatives.
This investment arrives at a time when South Africa is grappling with an escalating energy crisis, with the state-owned Eskom — the utility that supplies around 95% of the country’s electricity — struggling to meet demand. This positions Hohm Energy uniquely to offer alternative energy solutions to individuals and businesses in South Africa.
Likewise, Teraco recently announced its intention to construct a $106 million solar plant to address South Africa’s power challenges.
Source: Techpoint