South African solar energy startup, Hohm Energy, has secured an $8 million seed round to advance its rooftop solar installation product. This funding is the largest seed round ever raised by a South African tech startup and was spearheaded by E3 Capital and 4DX Ventures.
Established in 2021 by Tim Ohlsen and Emir Gluhbegovic, Hohm Energy offers a platform featuring two key services: one for customers to digitally assess their properties’ solar energy needs and another to access credit financing for rooftop solar installation. The platform also enables solar installers to handle design, management, financing, and procurement of solar projects.
Hohm Energy generates over 17,000 customized solar rooftop designs valued at $190 million, with $90 million in financing applications for implementing these designs. To streamline financing, Hohm Energy has partnered with various South African financial institutions, enabling customers to secure structured financing.
Tim Ohlsen highlighted, “We realized that although there is an appetite for solar energy in SA, sometimes financing is a hurdle. The fintech aspect will help to drive even more rooftop solar installations.” The company plans to utilize the funding to expand its product offering comprehensively, focusing on technology, product innovation, and solar installer skills development.
