E3 Capital leads investment in South Africa's Plentify
Plentify’s suite of products connects to home appliances, helping them draw energy at optimal times.
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Plentify, a climate tech company, has closed a 50% oversubscribed funding round from African and North American venture investors to fuel its growth in South Africa and commence its international expansion.
“Whether you’re trying to fix a weak grid like South Africa’s, or make the transition to clean energy like every country in the world, the fundamental problem is the same – a mismatch between the timing of energy demand and clean energy supply. Plentify’s residential load management platform addresses this problem for 75% less than the cost of batteries,” says Jon Kornik, co-founder and CEO of Plentify.
Plentify’s suite of products connects to home appliances, helping them draw energy at optimal times. This ensures that appliances deliver desired services, generate major savings on energy bills through efficiency gains, and maximise energy use during clean energy periods while minimising it during constrained times. This is exemplified by their flagship product, HotBot, which connects to electric water heaters, optimising energy use and contributing to a virtual power plant that shifts energy use from peak, costly times to periods when renewable energy is abundant.
“Plentify has built a product that has the potential to revolutionise home energy use in SA and beyond. We’re excited to back an exceptional team that is addressing critical energy challenges through sustainable, decentralised solutions,” noted Paras Patel, managing partner of E3 Capital, who led the funding round.
The round included a mix of existing and new investors, such as Third Sphere, TELUS Pollinator Fund for Good, Susquehanna Foundation and Fireball Capital. The capital injection will enable Plentify to further accelerate its impressive growth.
Shaun Abrahamson, managing partner at Third Sphere, commented, “Plentify may have cracked the code on how to architect energy management in the smart home of the future – enabling homes to cheaply and easily maximise their solar self-consumption.”
Paula Mokwena, CEO of Fireball Capital, remarked, “Plentify’s technology has great potential not only in South Africa but in any market with an established or growing residential solar market. This global potential underpins our investment thesis.”
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