Odyssey Energy Solutions, a venture-backed climate tech company transforming distributed energy globally, raised $5.3 million in new funding led by Equal Ventures.
Participating investors included Twelve Below, Abstract Ventures, Founder Collective, and MCJ Collective.
The startup plans to use the fresh funds to scale distributed renewable energy across emerging markets.
Odyssey’s end-to-end solution enables developers to plan, finance, build, and operate distributed renewable energy projects at scale. The climate tech company catalyzes more than $1 billion of finance into the energy sector, with more than 1500 companies using the platform across five continents.
According to BloombergNEF’s 2021 New Energy Outlook, energy supply and infrastructure investment is expected to reach $173 trillion over the next 30 years. With strained grid infrastructure in emerging markets and falling costs of renewable technologies, distributed renewable energy (DRE) is leapfrogging centralized grids. It will be at the core of infrastructure investment in the years to come.
“The DRE market is fragmented, lacking the data and standardization required for large-scale investments,” said Emily McAteer, CEO of Odyssey Energy Solutions. “By solving for core frictions in one platform, our solution provides the tools to build investable portfolios and truly unlock scale.” Since 2019, Odyssey has announced a series of major electrification projects on the platform. In particular, Odyssey is the platform for the Nigeria Electrification Project (NEP), a $550M initiative of the Federal Government of Nigeria financed by the World Bank and the African Development Bank. NEP is one of the most ambitious electrification projects in history, targeting to connect over 3.5 million people to electricity, 109,000 businesses, and over 500 hospitals, universities, and health centers.
Odyssey intends to use the latest funding to launch new financial products for renewable energy in emerging markets aimed at infusing more private capital into the markets, scale its aggregated procurement platform and advance remote monitoring, control, and analytics technologies for a wide array of asset types....