Plentify secures funding to expand internationally
22 Jul 2024
Climate tech company Plentify has successfully closed an oversubscribed funding round, raising capital from prominent African and North American venture capitalists. The funding will be used to accelerate the company's growth in South Africa and support its expansion into international markets. The company’s technology addresses a fundamental challenge in the transition to clean energy – the mismatch between energy demand and supply – which has universal relevance.
Jon Kornik, CEO of Plentify
"Whether you're trying to fix a weak grid like South Africa's or make the transition to clean energy like every country in the world, the fundamental problem is the same – a mismatch between the timing of energy demand and clean energy supply," said Jon Kornik, Co-Founder and CEO of Plentify.
"Plentify's residential load management platform addresses this problem for 75% less than the cost of batteries."
HotBot, its flagship product, connects to electric water heaters, optimising energy use and contributing to a virtual power plant that shifts energy consumption from peak times to periods when renewable energy is abundant.
This approach not only reduces energy bills for consumers but also enhances the stability and resilience of the power grid.
The company has experienced significant growth in 2024, deploying three times as many HotBots compared to the previous year.
This success has been achieved through partnerships with leading South African companies like Balwin and Wetility, who are integrating Plentify's technology with their solar and battery systems.
Global expansion
With the new funding, Plentify is setting its sights on global expansion, targeting markets with strong or growing solar adoption.
Australia and the United States have been identified as key markets due to their high solar penetration rates and favourable regulatory environments.
"As we think internationally, we're looking at where we can we have the biggest impact on climate change," Kornik tells Bizcommunity.
"We are a mission-driven company that exists to enable utilities to deliver affordable reliable energy because we're trying to make an impact on the on the energy crisis in the climate crisis globally."
Expansion plans are supported by a world-class team with experience from leading organisations such as Google, Tesla, Meta, NASA, Discovery Vitality, and McKinsey.
Adaptable technology
The company's South African roots have provided a unique advantage in developing resilient and adaptable technology solutions for diverse energy challenges.
Shaun Abrahamson, managing partner at Third Sphere, one of Plentify's investors, expressed confidence in the company's potential.
Plentify may have cracked the code on how to architect energy management in the smart home of the future – enabling homes to cheaply and easily maximise their solar self-consumption
It’s this innovative approach to energy management not only addresses the current needs of markets but also paves the way for a more sustainable and decentralised energy future.
With strong financial backing, a sharp vision, and a talented team, Plentify is poised to make a significant impact on the global energy landscape.
