Distributed renewable energy platform in emerging markets raises $5 million – pv magazine USA

Odyssey Energy Solutions is an investment and asset management platform for distributed solar projects in Africa and Asia.

Odyssey Energy Solutions has raised $5.34 million to scale its investment and asset management platform for distributed renewable energy projects. The funding round was led by Equal Ventures. Participating investors included Twelve Below, Abstract Ventures, Founder Collective and MCJ Collective.

The company enables developers to plan, finance, build and operate projects. The platform catalyzes over $1 billion in funding across emerging markets in Africa and Asia. More than 1,500 companies have used the platform on five continents.

BloombergNEF said investment in energy supply and infrastructure could reach $173 trillion over the next 30 years. Existing grid infrastructure is under strain in emerging markets and the costs of renewable technologies are falling. As such, distributed renewable energy goes beyond centralized grids and will be at the heart of infrastructure investments in the years to come, Odyssey said.

“The DRE market is fragmented, lacking the data and standardization necessary for large-scale investments,” said Emily McAteer, CEO of Odyssey Energy Solutions. “By solving core frictions in a single platform, our solution provides the tools to build investable portfolios and truly unlock scale.”

Odyssey said the funding will be used to launch new financial products for distributed renewable energy by injecting more private capital into the markets. The funds will also help scale the company’s aggregated procurement platform and advance remote monitoring, control and analytics technologies for a wide range of asset types.

“We see the energy transition as one of the most important (and most difficult) opportunities of our lifetime. Emerging markets represent one of the most economically and environmentally impactful areas to address the challenges, but they have so far been hampered by access to technology and capital,” said Rick Zullo, General Partner of Equal Ventures. “We are thrilled to partner with this world-class team to accelerate the global energy transition. in a way no one else has done before.”

Odyssey CEO Emily McAteer has over 15 years of experience in energy management and distributed renewables, having started SunEdison’s microgrid business as Chief Revenue Officer of Frontier Power , with Odyssey co-founder Cathy Zoi, a clean energy leader and former deputy secretary. for Energy Efficiency and Renewable Energy at the US Department of Energy.

Since 2019, the company has supported a series of major electrification projects on the platform. It is the platform for the Nigeria Electrification Project (NEP), a $550 million initiative of the Federal Government of Nigeria funded by the World Bank and the African Development Bank.

NEP is one of the most ambitious electrification projects in history, aiming to connect more than 3.5 million people to electricity, 109,000 businesses and more than 500 hospitals, universities and health centers

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