Wetility, a South African Solar fintech company that offers solar energy solutions to households and businesses, has announced the raise of R903 million, approximately $48 million to accelerate its growth.
The fundraising comprises R180 million in convertible debt as well as total debt, including a R600 million commercial debt package from Sanlam, a diversified financial services company headquartered in South Africa, and large commercial and development banks.
Reports reveal that Wetility’s first venture debt funding was led by Multichoice via its accelerators program which is part of the Multichoice innovation fund in January 2022.
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According to the CEO of Wetility, Vincent Maposa, he said the current funds raised will be used to accelerate the startup’s expansion plans and grow its customer base in South Africa.
Also speaking on the funds raised, Chief of Staff at Wetility, Johanna Hortz said,
“Our recent fundraising is a pivotal moment for Wetility. It is a testament to the trust and confidence our customers, investors, and commercial partners have in our vision. The capital infusion provides us with the means to accelerate our growth and make a substantial impact in South Africa and power the Fintech space”.
Founded in 2019, Wetility flagship product is an all-encompassing digital solar energy management system that allows users to remotely manage power usage. The energy company harnesses the sun’s power to give customers hybrid energy solutions that work together with their power systems.
Wetility also provides customers with a personalized 360 Wetility experience, allowing them to interact, connect, and grow as they need to, when they need to.
PACE is the heartbeat of the Wetility solar solution, consisting of a hybrid inverter, lithium-ion batteries, and switchgear. PACE is intelligently designed to control the energy flow to used homes or businesses and manages load shedding and switching schedules. PACE is powered by the startup’s rooftop PV installations with an offering of 10 10-year warranty.
Wetility is backed by notable partners such as Standard Bank, Sunflower Energy Africa, The Innovation Hub, Sasfin, NBI, Investec, Experian, Multichoice, and Instructured Capital Solutions.
Unlike other providers, Wetility offers unique financing solutions such as monthly payment schemes, tapping into a market segment of consumers who were otherwise unable or hesitant to invest in solar equipment upfront.
The company has achieved this unique financing model through strategic partnerships with a number of South Africa-based enterprises. Wetility’s energy strategies are poised to play a key role in achieving sustainability and energy stabilization in the long run.