Business is all about solving problems which customers are willing to pay for. South Africa currently has an energy crisis and entrepreneurs who can alleviate the pain felt by most South African households 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 funding, in both debt and equity. This capital injection provides the company with the means 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 who are passionate about innovative energy solutions. Wetility’s hybrid solar offerings bridge the gap in energy affordability and sustainability between different housing market segments.
By offering affordable monthly solar subscriptions and customisable solar solutions, Wetility is empowering budget-conscious homeowners to reduce their energy expenses effectively. With hybrid solar installed, these homeowners enjoyed 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 integrated cost-effective solar power, intelligent digital solar energy management, and surge protection to ensure uninterrupted electricity and connectivity, while simultaneously reducing utility bills and enhancing safety. With a starting subscription price as low as R899 per month, the Beast
Bundle was specifically 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.
Wetility’s hybrid solar offerings bridge the gap in energy affordability and sustainability
between different housing market segments. By offering affordable monthly solar
subscriptions and customisable solar solutions, Wetility is empowering budget-conscious homeowners to reduce their energy expenses effectively. With hybrid solar installed, these homeowners enjoyed reduced utility bills and uninterrupted power.
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 we continue to work closely with leading innovator to solve real problems, on a large scale.”
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 is one that 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 on the way. The energy start-up is confident that 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 called OPENIX. Furthermore, Wetility was able to showcase its energy solutions during last year’s edition of the 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 businesses that are not only relevant but those that are 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 these entrepreneurs 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 not only show, but prove that yes, we can do better in changing our country by being proactive and solution orientated which ultimately drives economic growth and job creation.”