Pretoria – Wednesday, 4 October 2023: Business is all about solving problems which customers are willing to pay for. South Africa has an energy crisis, and entrepreneurs who can alleviate the pain most South African households feel are likely to be in demand.
One of the entrepreneurs solving the energy crisis in South Africa is Vincent Maposa, founder and CEO of Wetility, an energy start-up that recently secured R903 million in debt and equity funding. This capital injection allows the company to accelerate its growth and make a substantial impact in South Africa's power fintech space. The company describes itself as a team of visionaries, entrepreneurs, engineers, and financial experts passionate about innovative energy solutions. Wetility's hybrid solar offerings bridge the energy affordability and sustainability gap between different housing market segments. By offering affordable monthly solar subscriptions and customisable solar solutions, Wetility empowers budget-conscious homeowners to reduce their energy expenses effectively. With hybrid solar installed, these homeowners enjoy reduced utility bills and uninterrupted power.
Simultaneously with the announcement of the close of its fundraising round, Wetility unveiled the Beast Bundle, a groundbreaking energy solution for South African households, in partnership with Telkom, Plentify, GoodWe, Longi, ZOLA, and renowned South African rugby icon Tendai "Beast" Mtawarira. This all-inclusive package integrates cost-effective solar power, intelligent digital solar energy management, and surge protection to ensure uninterrupted electricity and connectivity while reducing utility bills and enhancing safety. With a starting subscription price as low as R899 per month, the Beast Bundle is designed to tackle the affordability challenges associated with hybrid solar solutions.
Wetility was founded and recruited into The Innovation Hub’s (TIH) incubation program in 2019 through an informal conversation over good coffee at a restaurant in Lynnwood Bridge with TIH’s Commercialisation Specialist, Grant Greyling. Mothibedi Matshele, Interim Chief Executive Officer of The Innovation Hub, said: “The Enterprise Development team has identified and nurtured Wetility through the start-up valley of death, where many companies fail. This is exactly the mandate of The Innovation Hub as a subsidiary of the Gauteng Growth and Development Agency, as we continue to work closely with leading innovators to solve real problems in Gauteng.”
Wetility believes that the recent fundraising marks a pivotal moment for the company and a testament to the need for locally-based solutions for the energy crisis, and given the opportunity, both the government and the private sector are more than willing to support innovators in providing these solutions. Wetility’s story should inspire every entrepreneur that it is possible to believe in your dreams and act on them with the kind of resolve that withstands whatever obstacles may be in the way. The energy start-up is confident it can add value to the country's residential solar installation market and believes it is ideally positioned to help consumers avoid additional solar fees.
With the support of The Innovation Hub, Wetility had the opportunity to pilot its technology through TIH’s demand-led platform, OPENIX. Furthermore, Wetility showcased its energy solutions during this year's South African Innovation Summit (SAIS). The SAIS, held in Cape Town, has proven to be a credible platform for budding entrepreneurs as it continues to expose relevant businesses in tune with the challenges faced by South Africa today.
Matshele said, "As TIH, we are always intentional about who we work with when it comes to entrepreneurs and how they aim to change the landscape by innovating solutions that solve customer pain points whilst developing technology to make life easier."
Matshele concluded, "We appreciate high-impact enterprises such as Wetility that continue to change the narrative about small businesses and prove that we can do better to change our country by being proactive and solution-orientated, which ultimately drives economic growth and job creation."
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Linah Nematandani – Acting General Manager for Marketing and Communications
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About The Innovation Hub
The Innovation Hub is a subsidiary of the Gauteng Growth and Development Agency (GGDA). As the innovation agency of the Gauteng province, it manages Africa's first internationally accredited Science and Technology Park of the same name. It is a full member of the International Association of Science Parks (IASP). Strategically located in Tshwane, South Africa's executive capital in the 'smart' province of Gauteng, The Innovation Hub implements initiatives identified in the Gauteng Innovation Strategy and Green Economy strategy to advance the province's economic development and growth through innovation. The Innovation Hub has created unique spaces in Tshwane and the rest of the Gauteng province for high-tech entrepreneurs, world-class businesses, academics, researchers and venture capitalists to meet, network and prosper.
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