South African solar energy startup Wetility has secured R903 million (approximately $48 million) in a funding round involving both debt and equity. The funds will be used to fuel the company's growth plans and expand its customer base. Wetility's flagship product, the "360 Wetility Experience," offers a comprehensive digital solar energy management system that enables users to remotely manage power consumption. The recent funding marks a significant milestone for Wetility as it strives to provide affordable hybrid solar solutions in South Africa, where energy alternatives are in demand due to ongoing challenges with the national grid.
- South African startup Wetility has raised R903 million (about $48 million) in a funding round consisting of debt and equity.
- The funds will support Wetility's expansion efforts and customer base growth.
- Wetility's primary product, the "360 Wetility Experience," is a digital solar energy management system that allows remote power management.
- The company aims to grow from a $1.5 million business to a $142 million business by 2026.
- The capital injection comes as South Africans seek alternative energy solutions due to issues with the national grid.
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