Okra Raised $12M to Expand Solar Power Access in Developing Regions
Okra Solar was known for its 2019 Hardware Battlefield win in Shenzhen, China. Okra Solar has recently raised $12 million in a Series A funding round. Their main product is a mesh-based solar solution that optimizes energy distribution. It works by prioritizing nearby homes over-centralization. This strategy increases efficiency and lowers costs, highlighting the specific needs of underserved areas without reliable electricity access.
CEO Okra Solar, Afnan Hannan said in a statement;
“It’s clear that mesh-grids are the most efficient way to achieve last-mile electrification. It starts by ensuring off-grid people have access to basic services such as lighting, e-cooking and water pumping, and next, to have all of these people connect to the global digital economy. Now we need the regulations to keep up with exponential technology advancement for us to hit 100% electrification by 2030.”
At One Ventures they led the funding round, along with contributions from FMO, Susquehanna Private Equity Investments LLP, Autodesk Foundation, and King Philanthropies. The round incorporated approximately $7.85 million in equity financing. A report from the International Energy Agency (IEA) reveals that approximately 700 million people currently lack access to electricity. One Ventures’ Helen Lin said in a statement;
“With the compounding effects of population growth and growing industrialization, energy consumption on the African continent will increase disproportionately in the coming decades. The [International Energy Agency] forecasts that total power generation capacity in Africa is expected to double to 510 GW by 2030. There is no reason for this new power generation capacity to come from dirty fossil fuel power. We can skip that phase entirely and build it correctly from the start — clean, renewable, and suited to the needs of this market.”
Okra Solar is an emerging company in the renewable energy sector. It has a focus on bringing sustainable electricity solutions to underserved and off-grid communities across the world. It has introduced cutting-edge mesh-based solar technology to boost energy efficiency and affordability. Their aim is not just about generating power but also empowering communities, especially in areas where access to electricity is challenging.
