Renewable energy start-up Okra has raised $3 million in a pre Series-A funding round, led by local deep-tech fund SDGx, as well as Explorer Investments and Didendum.
The company will focus on scaling up its off-grid energy solutions that use a ‘Mesh-Grid’ to link individual solar setups, while also enabling remote monitoring and Ai powered distribution. Their plug-and-play solar system includes a solar panel, battery and a smart meter.
The systems allow individual households to consume the power they generate, while at the same time, being able to share excess energy with neighbours who are linked to the micro grid.
It’s currently operating in Nigeria, Philippines, Haiti and Cambodia, recognising a potential market of 80 million people that are without access to electricity.
“We are thrilled to invest in and support Okra Solar as it’s rare to see an Australian company scale so successfully into so many international markets so quickly.” says Zarmeen Pavri, Partner and Chief Impact Officer of SDGx.
“Okra Solar brings an impact multiplier that intersects and positively contributes towards energy access, better health outcomes, and gender outcomes. This is a great example of how an impact multiplier also drives scale with commercial outcomes, while solving the world’s GHG emissions and climate change problems.”
Okra Solar’s Mesh-Grid technology has previously been deployed by UN-funded programs, and has now been approved for subsidies so that energy developers can recover more than half of their capex expenditure after deploying Mesh-Grids.